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Finance and Credit
 

The Ukrainian insurance market: State-of-the-art and prospects for functioning

Vol. 23, Iss. 12, MARCH 2017

PDF  Article PDF Version

Received: 2 February 2017

Received in revised form: 16 February 2017

Accepted: 3 March 2017

Available online: 29 March 2017

Subject Heading: Insurance

JEL Classification: G22, G28

Pages: 709-730

https://doi.org/10.24891/fc.23.12.709

Prokopchuk E.T. Uman National University of Horticulture, Uman, Ukraine
pivotbi@mail.ru

Importance Market transformations in the Ukrainian economy fundamentally changed the role and place of insurance in the system of modern financial relations. However, it is still underdeveloped.
Objectives The aim of the study is to provide a detailed analysis and assess the condition of the Ukrainian insurance market, identify factors hindering the development and areas for further growth.
Methods I employed economic and statistical methods of research, namely, monographic, comparison, graphical, tabular, and scientific generalization.
Results The findings show that the insurance market is a complex multi-level system; its overall structure for the period under investigation (2011–2015) remained virtually unchanged. Now the Ukrainian insurance market is at its development stage, with certain advantages and serious challenges. The latter include imbalanced growth, quite a tiny fraction of total insurance premiums in the country's GDP, reduction in the number of insurance companies, lack of systematization of legislation.
Conclusions Further development of the Ukrainian insurance market is conditioned by overcoming the unstable situation in the country's economy and solving the accumulated problems. The main prerequisite for its development in the coming years should be a cooperation between market actors of insurance and financial services markets and executive and legislative authorities.

Keywords: insurance market, insurance company, insurance premium, insurance payment insurance legislation

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