Transformation of the Insurance Market of Ukraine: Digitalization, Innovation, and European Integration

Abstract

Abstract. The article is devoted to the study of the transformation of the insurance market of Ukraine under conditions of economic instability, digitalization of financial services, development of innovative insurance products, and European integration. The relevance of the topic is determined by the growing role of insurance as a key instrument of risk management, ensuring financial stability and supporting economic recovery, as well as by the need to adapt the insurance sector to new regulatory and technological challenges. The purpose of the article is to substantiate the directions of transformation of the insurance market of Ukraine in the context of war-related risks, digitalization of financial services, development of innovative insurance models, and strengthening European integration, as well as to formulate practical recommendations for improving the efficiency of the insurance sector and its role in the country’s economic recovery. The study applies general scientific and special research methods, including analysis and synthesis, systemic and comparative approaches, as well as methods of generalization and logical modeling. The results of the study consist in identifying the key challenges of the development of the insurance market of Ukraine, including a low level of trust, fragmented digitalization, and limited development of innovative insurance products. The role of digitalization as a factor in increasing operational efficiency and customer orientation of insurance companies is substantiated, and innovative insurance products are systematized. It is proved that European integration contributes to the institutional strengthening of the insurance market and enhances the financial stability of insurers. The conclusions indicate that the proposed conceptual model of transformation of the insurance market of Ukraine, which provides for coordinated interaction between the regulator, insurance companies, and the financial market, creates prerequisites for strengthening trust, improving financial stability, and enhancing the role of insurance in financing the country’s economic recovery.