MODERN APPROACHES TO RESEARCH ON THE POTENTIAL OF THE LIFE INSURANCE MARKET

Abstract

The article analyzes the concept of life insurance from its positioning as a means of protection and stable existence of a citizen. A study of the main approaches to assessing the potential of life insurance was carried out, a classification of the main types of life insurance was given, with a description of further prospects for the development of these sub-sectors in Ukraine. The article also defines that life insurance is an important tool for injecting long-term investments in the economy with the help of which the growth of well-being is possible population as a whole. Factors affecting the development of this insurance industry were analyzed and systematized. Such a sub-industry of insurance as life insurance cannot yet be called sufficiently developed, especially in countries with a transition economy, of course, this thesis does not apply to the countries of the "Western world", because it is there that this industry is quite promising and has in the structure of the income of insurance companies a significant share. That is why the article examines the current state and prospects for the development of the life insurance market in Ukraine and the possibility of applying modern world practices. There are a number of problems in the life insurance market, which inhibit its further development. These problems are related both to the situation in country, and directly with the activities of the insurance companies themselves.The problems of the insurance market itself have been identified: the low level of the national one reinsurance market and dependence on global reinsurance leaders; narrow customer base of insurers; underdevelopment of the long-term insurance, non-state pension provision; unqualified current calculations and incorrect statistical data; imperfection of insurance rules; significant informational closure of the insurance market; insufficient level personnel and scientific support. Therefore, the formation of a highly organized and effectively functioning life insurance market with proper infrastructure corresponding to the chosen European vector of development is an urgent and important task today.