Features of the introduction of innovations in the insurance market during the war

The subject of the study is the theoretical and methodological foundations that reveal the
mechanism for introducing innovative approaches in the work of insurers in wartime.
The purpose of the study is to assess the peculiarities of the state of innovation in the insurance
market in Ukraine during the war and to find ways to improve the efficiency of all participants in
insurance relations.
Research methods. When writing the article, general scientific and special methods of studying
economic phenomena and processes, in particular, scientific abstraction, comparison, analysis,
synthesis, generalization, etc., were used. To analyze the state of the insurance market of Ukraine,
legislative and regulatory acts of Ukraine, statistical data of the National Bank of Ukraine, and separate
analytics of insurers were used.
Results of work. The article studies the main indicators of the insurance market of Ukraine for
2020–2024. This made it possible to identify that the number of insurers is constantly decreasing
under the influence of competition and increased regulatory requirements from the state. At the same
time, the key indicators of the market functioning are growing. The need to develop insurance products
that would cover war risks is determined and the activities of individual insurers that adapted the existing
insurance programs to the requirements of the time are analyzed. The importance of introducing
innovations in the activities of insurers, which will contribute to increasing their competitiveness,
reducing costs and improving the quality of customer service, is substantiated.
Scope of application of results. The results of the study have practical recommendations and
can be applied both by participants in insurance relations and by higher education institutions when
teaching financial disciplines.
Conclusions. The results of the insurance market during 2020–2024 showed a difficult
development situation. Despite all the potential risks to the financial stability of the insurance market,
it has been established that Ukrainian insurers adapt their activities and respond in time to changes
in regulation and develop ideas to cover war risks. It has been proved that in order to ensure financial
stability and increase the efficiency of cooperation between all participants in insurance relations,
it is important to improve the activities of the insurance sector and implement an effective policy,
taking into account the need to support the insurance industry in wartime. It is proposed to apply
innovative approaches that provide for a system of actions and measures aimed at preventing or
mitigating negative consequences on the work of the company. The necessity of introducing innovative
approaches and digital technologies in the activities of insurers, in particular, integration with mobile
phones and applications, the use of Big Data, artificial intelligence, is substantiated.