Olena Nepochatenko

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].