BUILDING AN INTEGRATED MODEL FOR DETERMINING THE RISKINESS OF INSURANCE COMPANIES’ OPERATING ACTIVITIES

The article is devoted to the construction of an integral model for determining the riskiness of insurance companies' operating activities in an unstable economy and a full-scale war. The paper considers the importance of using this model, which provides a comprehensive approach to risk assessment and management, contributing to the resilience of insurance companies in the face of unforeseen challenges. The key reasons for the importance of the model are discussed, including the integration of a wide range of risks, individualization of risk mitigation strategies, and flexibility to adapt to changes in the economic environment. Nowadays, a model is needed that allows to take into account the diverse risks associated with insurance and to adapt risk management strategies to changes in the socio-political and economic environment. An integrated model should enable insurance companies to respond quickly to new threats and minimize their consequences. It should also help optimize investment strategies and ensure a balanced approach to risk and financial management. Implementation of an integrated model for determining the riskiness of insurance companies' operations is an urgent task due to the unstable economic situation. The war in Ukraine has highlighted the relationship between geopolitical events and the insurance industry, emphasizing the need for insurers to proactively manage and adapt to the changing risk landscape. As geopolitical tensions persist, continuous monitoring and risk mitigation efforts remain paramount for insurers operating in today's volatile geopolitical environment. This article will discuss a model for determining the riskiness of insurance companies' operating activities, which was created on the basis of insurance company data for 2022 presented in the NBU's supervisory statistics. For testing purposes, the model will be applied to Krayina Insurance Company. This integral model should help insurance companies to respond effectively to threats and optimize their strategies in the face of economic instability.