Abstract:

The article presents the results of the comparative analysis of  insurance market development in Ukraine and Europe on the basis of its quantitative characteristics (in the context of the number of insurance companies, size of insurance premium and insurance payment) and macroeconomic indicators (indexes of insurance penetration and density, the level of insurance payments). The current state of above-mentioned insurance markets in general and in the context of their segmentation (life insurance and non-life insurance) was estimated.  It has been determined that the European insurance market is characterized by a high level of organization and efficiency and differs considerably in its structure from the Ukrainian one.

The results of the research enabled us to detect the number of problems in the development of Ukrainian insurance market and to determine the key ones among them: formation of imbalanced structure of the insurance portfolio of some insurance companies that lead to the disproportions in the development of different types of insurance; low level of insurance payments and the problem of moral responsibility of insurance companies; distrust of the population in insurance companies and low interest in insurance products; insufficiency of reliable and liquid financial tools to implement the investment activity of insurance companies