THE TASKS OF INSURANCE MANAGEMENT IN ENSURING THE ECONOMIC SECURITY OF THE INSURANCE MARKET

Abstract

The article examines the economic security of the insurance market as a multi-component category that includes financial, informational, investment, regulatory, social, personnel and organizational and managerial types of safe activities, the state of which determines the proper performance of this market's functions. It is noted that in the conditions of full-scale military aggression against Ukraine, the state of economic security of the insurance market deteriorated due to the emergence of additional risks and threats that manifested themselves both at the macro level and directly in the insurance activities of insurance service providers. In these conditions, the tasks of insurance management are actualized in terms of overcoming threats to the proper state of economic security and ensuring the development of a stable, integral and financially sustainable insurance market. The article separately identifies two groups of insurance management tasks at the macro and micro levels to ensure all components of the economic security of the studied market. At the state level, they include the development and implementation of an effective policy for the development of the insurance market, its approximation to European standards of functioning, strict supervision of the solvency of insurers, establishment of requirements for investment areas, corporate governance systems and professional competence of personnel, development of social and pension insurance systems, etc. At the level of insurance service providers, such tasks include the formation of a sufficient amount of capital, insurance reserves to cover insurance liabilities, the development of effective corporate governance and risk management systems, ensuring balanced insurance and investment portfolios, the implementation of online services for the sale of insurance products, the prevention of illegal insurance transactions, etc. It is concluded that the successful implementation of these tasks depends on the coordination of actions of all insurance management entities and the effectiveness of their management decisions.