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Risks of Developing the Ukrainian Insurance System in the Context of European Integration
Voytovych L. M.

Voytovych, Lyudmyla M. (2024) “Risks of Developing the Ukrainian Insurance System in the Context of European Integration.” Business Inform 8:341–347.
https://doi.org/10.32983/2222-4459-2024-8-341-347

Section: Finance, Money Circulation and Credit

UDC 368.336.01

Abstract:
The aim of the study is to identify, analyze and assess the main risks that affect the development of the insurance system in the process of integration with the European economic space, as well as to develop recommendations for minimizing these risks to ensure the stability and competitiveness of the Ukrainian insurance system in the new conditions. Analyzing the scientific works of scholars, the essence of riskiness has been determined, the risks of the insurance system have been systematized, the main threats to insurers have been allocated and methods of their management have been proposed. The study pays special attention to the adaptation of the Ukrainian insurance system to the requirements of European legislation and standards. The results of the study can be used to improve risk management strategies in domestic insurance companies, also to form the State policy in the field of insurance in the context of European integration. Some of the most popular global risks not only for the insurance system, but for the country’s economy as a whole – cyber risks, digitalization risks, cyber underwriting risks, InsurTech risks – are substantiated. Further research can be aimed at studying the following aspects: introduction of the latest technologies in insurance in order to improve risk management; analysis of social changes and behavioral trends of consumers of insurance services; assessment of new specific risks in various sectors of insurance activity; creating comprehensive risk management models that take into account financial, technological, regulatory, social, and ecological factors.

Keywords: risk, riskiness, insurance system, risk management, European integration.

Bibl.: 13.

Voytovych Lyudmyla M. – Doctor of Sciences (Economics), Associate Professor, Professor, Department of Analytical Economics and International Economics, Ivan Franko National University of Lviv (1 Unіversytetska Str., Lvіv, 79001, Ukraine)
Email: [email protected]

List of references in article

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