Trends in the functioning of the Ukrainian insurance services market

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The Ukrainian market of insurance services is at the stage of formation and development in the absence of a clearly defined model for further functioning. The purpose of the paper is to analyze the trends in the functioning of the Ukrainian insurance services market in the period of 2010–2021.
The results of the study reveal the general trends in the functioning of the Ukrainian insurance services market in terms of transformational features of the market composition (a significant reduction in the number of insurers – by 2.5 times), concluded insurance contracts (a significant increase by 3.5 times), market concentration (moderately concentrated), the level of insurance penetration (the average value was 1.64%).
Considerable attention is paid to the interpretation of the main indicators of market activity and their dynamics, in particular, in terms of insurance premiums and payments (the level of insurance payments was 32.2%), assets of insurers (increase by 1.5 times), formed insurance reserves (a noticeable increase by 3 times), digital transformation (in terms of internetization, individualization, digitalization).
The study made it possible to form promising vectors for the development of the Ukrainian insurance services market based on the model of social responsibility of participants in the insurance process with clear digitalization outlines and the formation of insurance relations based on innovative approaches.

Acknowledgment
This study was supported by the Ministry of education, science, research and sport of the Slovak Republic [grant VEGA 1/0689/20 Digital economy and changes in the education system to reflect labour market demands].

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    • Figure 1. The number of insurance organizations at the insurance market by type
    • Figure 2. The number of insurance contracts concluded in 2010–2021*
    • Figure 3. Concentration of the insurance market in 2010 and 2021
    • Figure 4. The share of insurance in Ukraine’s GDP in 2010–2020*, %
    • Figure 5. Volume and structure of income from gross insurance premiums in 2010–2021
    • Figure 6. Insurance premiums and payments in 2010–2021
    • Figure 7. Total assets of insurers, UAH billion
    • Figure 8. Volumes of formed insurance reserves by type in 2010–2021
    • Figure 9. Consequences of the impact of digital technologies on the activity of the insurance services market
    • Figure 10. InsurTech components
    • Figure 11. The structure of functioning of FinTech products in Ukraine in 2021, %
    • Figure 12. Model of formation of social responsibility of insurance market participants
    • Conceptualization
      Olena Prokopchuk
    • Formal Analysis
      Olena Prokopchuk, Mykhaylo Malyovanyi
    • Funding acquisition
      Olena Prokopchuk
    • Methodology
      Olena Prokopchuk, Yuliya Ulyanych, Yuriy Bilan
    • Resources
      Olena Prokopchuk, Olena Nepochatenko, Mykhaylo Malyovanyi, Yuliya Ulyanych, Yuriy Bilan
    • Visualization
      Olena Prokopchuk, Yuliya Ulyanych, Yuriy Bilan
    • Writing – original draft
      Olena Prokopchuk
    • Writing – review & editing
      Olena Prokopchuk, Olena Nepochatenko, Mykhaylo Malyovanyi, Yuliya Ulyanych, Yuriy Bilan
    • Data curation
      Olena Nepochatenko, Mykhaylo Malyovanyi, Yuliya Ulyanych, Yuriy Bilan
    • Project administration
      Olena Nepochatenko, Mykhaylo Malyovanyi
    • Software
      Olena Nepochatenko
    • Validation
      Olena Nepochatenko