CURRENT STATE AND PROSPECTS FOR THE DEVELOPMENT OF THE MARKET OF LIFE IN UKRAINE

Abstract

In this scientific article the state of the domestic life insurance market, the activity of insurance companies, current status and future trends of life-insurance market development in Ukraine are analyzed. The factors that hinder the development of this insurance industry are elucidated.
Citizens’ welfare is one of the main criteria for economic development of the country. Life insurance is an important for insurance protection of the population and a source of financial investment to budget of the country. Taking into consideration economic and political situation in Ukraine, when the state can’t provide a high level of citizens’ safety and material well-being, life insurance development is important and requires the study of the theoretical foundations of its functioning.
The life insurance market is in the stage of development and has a number of factors that hinder its development. In order to improve the level of development of the insurance market, it is necessary to improve the legal and regulatory framework of insurance, to establish an insurance system, to restore public confidence in insurance companies, to create a favorable competitive environment for the development of intermediaries in the insurance market, to develop transparent conditions for the activity of insurance companies, to provide guarantees on legislative level regarding the preservation of funds for long-term insurance and to improve the economic and political situation in the state. Implementation of the concept of the development of the insurance market in Ukraine will improve its quality and ensure the sustainable development of the domestic economy.