The Activities of Insurance Companies Under Martial Law and Their Role in the Post-War Recovery of Ukraine

The article analyzes the current state of activity of insurance companies, which is formed under the influence of crisis trends of recent years: the Covid-19 pandemic and quarantine restrictions, a full-scale invasion of the russian federation and mass damage. The extent of the damage to the Ukraine’s economy and the needs for recovery have been analyzed, which will include special support and mobilization of the private sector, as well as necessary costs for the recovery of housing, social infrastructure, energy and transport. It is noted that the downward changes in the number of companies do not have a negative impact on the quality of services provided and the penetration of the insurance market, as these trends may indicate changes in the insurance market and its adaptation to new conditions, reflecting the impact of changes in the economy as a whole, the regulatory environment and demand for specific types of insurance products. It has been determined that in the future, the number of lawsuits under military policies from the ships damaged by sea mines, missile attacks and bombings in the conflict zone in the Black and Azov seas, as well as under private contracts, will increase in the activity of insurance companies. The structural changes in the insurance market and the factors that caused them are analyzed, as well as the trends of changes are given. It has been proven that in the conditions of martial law, the issue of war risk insurance possibilities is quite natural. The possibilities of introducing a fully functional military risk insurance system in Ukraine, which is provided for by the Memorandum on Economic and Financial Policy between Ukraine and the IMF, have been studied. This concept was developed with the participation of specialists from the World Bank, the National Bank of Ukraine of Ministry of Finance and the Ministry of Economy of Ukraine, which is positive for the progressive development of the insurance market of our country in the direction of adaptation to EU standards. A comprehensive analysis of the insurance products of the leading Ukrainian insurers, which provide protection against war risks, was carried out. Prospects for the introduction of new insurance products that will meet the needs of society have been determined. The most promising is the implementation of the effective measures for the proper insurance of investments against war risks, which can contribute to the attraction of funds for the reconstruction of the country, the relocation of enterprises, the organization of high-tech production and services, the creation of new jobs, the adoption and application of innovative experience, an increase in the level of income and an increase in income to state.