TRANSFORMATION OF THE RISK MANAGEMENT INFRASTRUCTURE OF UKRAINIAN INSURANCE COMPANIES IN THE CONTEXT OF INTERNATIONAL EXPERIENCE

Abstract

Objective. The aim of this article is to identify the main components of the risk management infrastructure, analyze the current state of risk management in Ukrainian insurance companies, explore the directions of its transformation and development prospects in the context of international approaches, taking into account Ukraine`s European integration course. Methods. The study employs methods of analysis, comparison, logical conclusion, and generalization based on research materials on current trends in insurance regulation and legal norms. Results. It is emphasized that the insurance sector in Ukraine is on the path toward implementing a risk-management approach, grounded in European practices and the application of Solvency II standards. A structured conceptual model of the risk management infrastructure has been developed, integrating organizational, methodological, informational, software-technological, and instrumental-analytical components of insurers risk governance. An analysis of the risk management infrastructure of Ukrainian insurance companies has been conducted, and transformation vectors have been identified, taking into account the stages of its formation based on international experience. Challenges that need to be addressed for the effective operation of Ukrainian companies- particularly the lack of additional financial resources among smaller insurers-have been revealed, and mechanisms for overcoming these issues to ensure the efficient functioning of the insurance business have been proposed. Scientific novelty. The methodological foundations for researching the risk management infrastructure of companies have been improved by applying a systematic approach to its formation, taking into account international experience in risk management and the specifics of its implementation by domestic insurance companies. Practical significance. Mechanisms for attracting additional financial and operational resources have been proposed to ensure compliance with regulatory requirements and the successful development of risk management infrastructure by small insurance companies in Ukraine.