Directions of insurance market development in Ukraine

Introduction. The current state of the insurance market of Ukraine, the conditions in which insurance companies operate determine the need to find methods to normalize their activities in order to develop the insurance system, increase the efficiency of using existing assets, optimize costs, and improve forms of interaction between economic system entities. Insurers today are forced to concentrate their efforts on finding forms of optimizing their own activities, adapting to significant risks, ensuring the stability of financial processes, trying to maintain an acceptable level of profitability. Working in difficult conditions, companies ensure their own solvency and the stability of economic relations. Purpose. The purpose of the article is to improve the theoretical provisions of the development of the insurance market, to form directions for stabilizing the financial activities of insurance companies in Ukraine in conditions of uncertainty. Methodology. In the process of work, methods of analysis and synthesis, generalization and comparison, scientific abstraction were used. Results. The article assesses the effectiveness of the development of the insurance market of Ukraine, outlines the directions of informatization of insurance activities, forms of increasing the efficiency of capital use of insurance companies. The features of the functioning of companies under conditions of uncertainty, methods of forming a stable financial environment in order to protect the interests of market entities are identified. The main problems that hinder the development of the insurance system are outlined. The need to use the latest information technologies, diversification and development of services is substantiated. The dynamics of the main economic indicators of this sector of the economy are analysed. It is noted that there is a need to improve the system of insurance services in order to ensure the optimal level of financial protection, methods of activating cooperation between market entities are proposed. The factors that influence the efficiency of capital management processes, forms of its accumulation, optimization of its structure, profitability of assets, their level of turnover, methods of optimizing cash flows of insurance companies in order to increase the rate of accumulation of financial resources, and the stability of information relations of market entities are outlined. It is noted that one of the forms of development of finances of insurance companies is the development of optimal capital management systems. At the same time, significant attention is paid to the formation of the necessary amount of resources to ensure the development of the insurance market.