Reinsurance development on the Ukrainian insurance market

Abstract

The purpose of this paper is to investigate the trends in the functioning of reinsurance on the Ukrainian insurance market and to substantiate the prospects for its development. The article is devoted to the problem of the main reinsurance functioning indicators dynamics in the Ukrainian insurance market. It is necessary to determine some challenges and identify measures for their solution. Methodology of research. The article goals can be reached by means of the following scientific methods: statistical and comparative economic analysis, systematization and generalization, financial analysis and graphic method. Findings. The problems were determined and measures were spotted for improvement the reinsurance on the Ukrainian insurance market. The main one is the creation of domestic professional reinsurers and the adoption of the law on a reinsurance operations banning by the Ukrainian insurance companies. This problem could be solved by the legislative division of insurance activity and reinsurance one in Ukraine. Practical value. The article substantiates that in the current conditions of economic development of Ukraine and integration into the international insurance business, the functioning of the professional reinsurers on the domestic insurance market will contribute to the increase of financial reliability of Ukrainian insurance companies and increase the trust to them of citizens and business entities.