Scientific Collection «InterConf», (39): with the Proceedings of the 8th International Scientific and Practical Conference «Science and Practice: Implementation to Modern Society» (December 26-28, 2020) at Manchester, Great Britain

Fig. 1. Dynamics of the number of life and non-life insurance companies in 2015-2019
(compiled by the authors according to [1]) 
It should also be noted that the number of registered insurance companies and those 
that submit financial statements to the state regulator is much lower, which indicates the 
need to clean up the life insurance market. With the adoption of a new law to change the 
state regulator to the NBU, a significant number of insurance companies are applying 
for revocation of licenses, which is a very positive aspect of the introduction of new rules 
and regulations that are more in line with European. We hope that in the next 5 years the 
life insurance market (as well as the non-life insurance market) will be normalized in 
number and quality of insurers, because, according to the analytical review of the 
insurance market from the NBU for the first half of 2020 it was determined that 97% of 
insurance premiums collect the TOP-10 insurers out of 20 available on the market [2]. 
0
50
100
150
200
250
300
350
400
2015
2016
2017
2018
2019
385
352
307
292
265
330
306
268
260
238
55
46
39
32
27
Nu
mber
 of in
su
rance
 com
pan
ie
s
Number of registered insurance companies
non life
life

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 SCIENCE AND PRACTICE: IMPLEMENTATION TO MODERN SOCIETY
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Therefore, the strengthening of insurance supervision is seen by us as a driving 
force for the quality of development and increase in scale in this segment of the 
economy. In addition, we propose to introduce tighter control over the quality of 
insurance intermediaries in Ukraine; to carry out mass explanatory works on the need 
and benefits of the product of life insurance for the population; on the part of the state 
– to increase the solvency and welfare of the citizens, in particular the main segments 
of the population (e.g. doctors, teachers, scientists, miners, etc.); to implement the 
pension reform in full, where life insurance become one of the tools of the third level 
of this reform. Such directions are able to improve the development of the life insurance 
market in Ukraine, which will certainly have a positive impact on the economic 
development of our country and the welfare of the citizens. 
References: 
1. Official site of the National Commission for State Regulation of Financial Services Markets 
(Natskomfinposlug). URL: https://www.nfp.gov.ua (access date 09.12.2020). 
2. Review of the insurance market for the 1st half of 2020 by the NBU. Insurance Market 
Supervision 
Department. 
URL: 
https://bank.gov.ua/admin_uploads/article/ 
%D0%9E%D0%B3%D0%BB%D1%8F%D0%B4_%D1%81%D1%82%D1%80%D0%B0%D
1%85%D0%BE%D0%B2%D0%BE%D0%B3%D0%BE_%D1%80%D0%B8%D0%BD%D0
%BA%D1%83_%D0%BD%D0%B0%D0%B3%D0%BB%D1%8F%D0%B4%D0%BE%D0%
B2%D1%96_%D0%B4%D1%96%D1%97_pr_2020-09.pdf?v=4 (access date 15.12.2020) 

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