CURRENT PROBLEMS AND DEVELOPMENT PROSPECTS OF THE MORTGAGE MARKET OF UKRAINE

Abstract

The article substantiates that the identification of the causes and significant factors of the current state of the insurance market can become a strong basis for its development. The aim of the work was to identify modern problems and justify the prospects for the development of the insurance market of Ukraine. In the course of the study, the current trends of the insurance market of Ukraine were established and the problems of its development in the pre-war and war periods were characterized, which made it possible to formulate possible prospects. A reduction in the key indicators of the development of the insurance market of Ukraine in 2022 was established and their dynamics were analyzed for the period 2017-2022. In particular, a significant decrease in the number of concluded insurance contracts, a decrease in the volume of gross insurance payments and insurance premiums per 1 contract, and a pre-war reduction in insurance penetration indicators were noted and insurance density. A number of problems of the pre-war and war periods in terms of political, economic, social and technological vectors are highlighted. In the part of the political vector of influence on the insurance market, the lack of perfect legislation regarding the promotion of the development of the insurance market, the formation and use of insurance reserves, and the prevention of dubious transactions is indicated. Among the problems of the economic vector, the problem of using insurance to avoid paying taxes or withdrawing capital through insurance is noted. The most significant problem of a social nature concerns the low solvency of the population and the insufficient level of trust in insurance market operators. As part of the technological problems, a number of them of a long-term nature are highlighted: inconsistency of the asset structure of many insurers with the assumed obligations; the need to improve the quality of services; the need to expand the list of services; the need for innovation in management and service. The technological problems of wartime are given separately: lack of war risk insurance programs; temporary limitation of service for some customers. It was concluded that the insurance market of Ukraine is currently developing a number of tools and has powerful prospects that can positively influence the development of the insurance market itself and the economy of the state in general.