Insurance Management in Terms of Globalization Processes in Ukraine

Abstract

Insurance represents the most efficient risk management instrument that can protect both individuals and business entities from financial risks arising from various unforeseen situations. In turn, expanding the horizons of the insurance market requires clarity and coherence in the activities of insurance companies, and therefore studying the factors that directly affect the management of insurance organizations appears relevant. It is found that one of the forms of risk control is insurance management, which includes the detection, assessment and intervention of risks, that is, a defense strategy for preparing for the unexpected events, as it is regulated by normative legal acts, and the implementation of principles and doctrines that are generally accepted. It is identified that the main methods of insurance management, such as avoidance, preservation, distribution, transfer, prevention and reduction of losses, can be applied to all areas of activity of both individuals and business entities, and can pay off in the long term. The development of the insurance market in Ukraine in the future is possible due to the introduction of an effective mechanism of insurance management based on system analysis and effective control at macro and micro levels. By implementing a risk management plan and considering various potential risks or events before they occur, economic entities can save their own money and protect their future by timely setting of certain contours in order to avoid potential threats, minimize their impact in case of their occurrence, and cope with the results.

Keywords

• insurance
• insurance management
• insurance activity
• risk
• risks management
• covid-19