ECONOMIC AND LEGAL ISSUES OF THE INSURANCE MARKET DURING THE MARTIAL LAW: CURRENT STATE AND INFLUENCE ON ITS ACTIVITY

Abstract

The purpose of the article is the adequate analysis of present insurance market and research of changes in the insurance sphere that appeared in Ukraine with the introduction of martial law. The following methods were used in the research: logical, that includes analyses of scientific works in insurance sphere; analytical that was used to carry out the evaluation and analyses of insurance market; statistical, that is based on systematization of data concerning insurance sphere for a certain period; graphical, that helps to illustrate the corresponding indicators and results clearly. In the course of research, we analyzed current situation on the insurance market and studied the changes in the insurance sphere that appeared with introduction of martial law. We also analyzed the main indicators of insurance companies’ activity from the fourth quarter of 2021 to the second quarter of 2022. This period revealed the imperfection of their activity and the reasons for it. Dangerous situation in the country, fragile economy, new places of work for insurance companies, imperfect legislation of them during the martial law, limitation of investment tools usage, partial loss of workers, clients and data necessary for working process – these are the main factors resulted in damage, major losing for insurer that influenced the indicators of companies’ activity in the first quarter of 2022. We detected fragile economic situation and insurance market, imperfect legislative acts, limited investment tools, cease of the previous insurance services as well as the quantity decrease of new insurance services, etc. The ways to improve the activity of insurance companies are corresponding changes in legal framework of insurance companies during martial law, strengthening of insurance companies positions on the domestic insurance market, renewal concerning multidimensional process of insurance service and appropriate aspects. Practical details of insurance market requires adaptation of insurers to the conditions of military crisis phenomena.