Bìznes Inform (Jan 2022)
The Mechanism for Ensuring the Security of the Insurance Market of Ukraine
Abstract
The article is aimed at substantiating the essence and components of the mechanism for ensuring the security of the insurance market with the specification of forms, methods, levers, and instruments. It is proved that the security of the insurance market is a dynamic characteristic of the state and resource capacity of functioning entities to provide insurance protection in the conditions of identification of potential and real risks, threats and dangers and the ability to form an investment potential to finance the country’s economic growth by placing reserves. It is noted that the mechanism for ensuring the security of the insurance market includes an aggregate of forms, methods, levers, instruments, regulatory-information support and will allow to assess its status in the conditions of real and potential risks, threats and dangers in both the current and the strategic dimensions. As a component of the mechanism, the sequence of the following stages of ensuring the security of the insurance market of Ukraine is proposed: analysis and assessment of the main indicators of the functioning of the insurance market; identification of risks, threats and dangers of the insurance market; comprehensive assessment of the level of security of the insurance market; assessment of the impact of insurance market security on the financial security of the State; monitoring of the level of security of the insurance market; strategizing the security of insurance market. Prospects for further research in this direction are the development of methodological recommendations for assessing the level of security of the insurance market and substantiation of strategies for its development on the basis of security and adaptation to the EU requirements. A special direction of deepening this issue is the study of the risks of the functioning of insurance market, methods of their quantitative and qualitative assessment of the impact on the level of security, taking into account the specifics of both insurance and reinsurance.
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