FINANCIAL AND INSTITUTIONAL ASPECTS OF INSURANCE MARKET DEVELOPMENT UNDER CONDITIONS OF PANDEMIC 2020-2021 AND WAR 2022-2023: CASE OF UKRAINIAN INSURANCE COMPANIES

The article is devoted to the analysis of the insurance market of Ukraine under the conditions of a pandemic and military operations in 2021-2023. The insurance market of Ukraine is characterized by a moderate pace of development -128 insurance companies operate on it with a total amount of assets of UAH 70,338 million, but for the period of 2017-2022, the number of companies on the market decreased by 2.3 times. The study examines the key factors contributing to the negative trend in the development of the financial market in Ukraine in general and the insurance market in particular. The work uses methods of correlation-regression analysis, generalization, grouping, as well as tabular and graphic methods of presenting results. A positive aspect of the development of the insurance market of Ukraine, which ensures a high level of trust in insurers, is the annual increase in the volume of insurance reserves for both life insurance and non-life insurance. Characteristic of the insurance market of Ukraine is the prioritization of insurance contracts regarding CASCO insurance, medical insurance, and life insurance.In developed countries, an extremely close relationship has been established between the purchasing power of the population and the density of insurance coverage, but the dependence of the degree of insurance penetration on the purchasing power of the population is much lower. With a reliability level of more than 80%, it was established that in European countries, with an increase in the purchasing power of the population by 10,000 euros, there will be an increase in the density of insurance up to 7,000 euros per person for non-life insurance and up to 105,000 euros for life insurance. Regarding Ukraine, the insurance market will develop according to the growing trend and in the future, provided the purchasing power of the population increases by UAH 20,000, insurance premiums will be increased by UAH 100. The insurance market of Ukraine is currently in a state of gradual recovery from a state of shock due to military aggression, at the same time it is developing a number of tools and has powerful prospects that can positively affect the development of the insurance market itself and the economy of the country in general.