Actual problems of innovative economy and law

Journal "Actual problems of innovative economy and law" is included in category B for specialties: in the field of knowledge "Management and administration": 073, 076 (order of the Ministry of Education and Science of Ukraine dated 23.08.2023 No. 1035) and 071, 072, 075 (order of the Ministry of Education and Science of Ukraine dated 12.20.2023 No. 1543); in the field of knowledge "Social and behavioral sciences" 051 (order of the Ministry of Education and Science of Ukraine dated August 23, 2023 No. 1035); in the field of knowledge "Law" - 081 and "Public management and administration" - 281 (order of the Ministry of Education and Science of Ukraine dated 12.20.2023 No. 1543).
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Development of the insurance market: new challenges and opportunities for insurers

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УДК: 368:33.012

DOI: https://doi.org/10.36887/2524-0455-2025-3-10

Horyslavets Pavlo
Candidate of Economic Sciences, Associate Professor of the Department of Finance
Lviv Polytechnic National University
https://orcid.org/0000-0002-1882-2104
Kozhan Serhii
Postgraduate student
Lviv Polytechnic National University
https://orcid.org/0009-0005-6535-5296

The article examines the current state and development trends of the insurance market in Ukraine in 2024, considering changes in the legislative environment, macroeconomic challenges, and transformational processes amid wartime conditions. Key factors influencing insurance companies’ operations are analyzed, including tightening regulatory requirements, new conditions for conducting motor insurance lines of business, and implementing the new Law of Ukraine “On Insurance.” The study highlights the need to revise insurers’ business models, enhance the role of digital technologies in business processes, individualize insurance tariffs, and introduce new approaches to claims settlement and internal operations management. Special attention is given to the reform of compulsory motor third-party liability insurance (CMTPL) and the Green Card system. Disparities in performance indicators among market leaders in these business lines are analyzed. The article provides up-to-date statistical data on insurance premiums, claims, profitability, asset structure, and sales channels in the insurance market. Additionally, it assesses the efficiency of insurers operating in the CMTPL and Green Card segments in the context of expected changes in 2025. The study concludes that the insurance market is gradually adapting to new conditions despite the threats posed by growing war-related risks, inflationary pressures, shifting customer expectations, and increased competition. Promising directions for transforming the insurance sector are identified, particularly through implementing ESG principles, developing InsurTech solutions and customer-centric strategies, and improving insurers’ business models. The research findings may be helpful for stakeholders in shaping adaptive development models for insurers under new challenges.

Keywords: insurance market, motor insurance, CMTPL, Green Card, regulatory changes, digital transformation, business models, insurance profitability.

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The article was received 22.04.2025

Quote article, APA style

Horyslavets P. , Kozhan S. 22.04.2025. Development of the insurance market: new challenges and opportunities for insurers. Actual problems of innovative economy and law. 2025. №3. 48-53 pp. https://doi.org/10.36887/2524-0455-2025-3-10

Quote article, MLA style

Horyslavets P. , Kozhan S. Development of the insurance market: new challenges and opportunities for insurers. Actual problems of innovative economy and law. 22.04.2025. https://doi.org/10.36887/2524-0455-2025-3-10