ADAPTATION OF THE INSURANCE MARKET OF UKRAINE IN CONDITIONS OF MILITARY RISKS

Abstract

In the current context of ongoing military conflicts, the adaptation of the Ukrainian insurance market to wartime conditions has become critically important. The enduring conflict presents unprecedented challenges and opportunities for insurance companies, necessitating a thorough reassessment and adaptation of their product offerings to address the emerging needs of both businesses and individuals. Objective: This study explores the implications of wartime conditions on the Ukrainian insurance industry, with a particular focus on how insurance providers are evolving their strategies to cover war-related risks effectively. As the conflict persists, the insurance sector is confronted with the pressing need to develop products that adequately address various risk factors associated with warfare. These include property damage, business interruption, and personal safety, which require innovative and flexible insurance solutions. The volatile environment introduces complex risk scenarios that demand tailored coverage plans capable of providing comprehensive protection and reassurance to clients amidst the uncertainties of war. Methods: The analysis presented in this study delves into the operational adjustments and strategic responses of insurance companies in Ukraine. It examines the challenges faced by insurers as they strive to offer effective coverage amidst the evolving conflict dynamics. This involves assessing how companies adapt their policies, modify coverage limits, and introduce new products to meet the specific needs of their clients under wartime conditions. Results: Furthermore, the study highlights the importance of resilience and innovation in the insurance sector. It underscores the necessity for insurance providers to remain agile and responsive to the shifting landscape of risks associated with ongoing military actions. By examining the approaches taken by various insurance companies, the study provides valuable insights into the ways in which the industry can enhance its offerings and better serve its clients in a challenging environment. Scientific novelty: The investigation aims to contribute to a comprehensive understanding of the insurance market’s adaptation strategies in response to wartime risks. Practical significance: It sheds light on how insurance companies are navigating the complexities of the conflict and the implications for the broader industry, identifying effective pathways to strengthen insurance solutions and ensure their relevance and efficacy in Ukraine's current and future crisis situations.