SUSTAINABLE DEVELOPMENT OF THE INSURANCE MARKET IN MODERN CONDITIONS: CONCEPTUAL FOUNDATIONS AND SECURING FACTORS

Introduction. The development of the national economy in the current environment is aimed at overcoming the consequences of the economic crisis and martial law in the country, which have increased the uncertainty and risks of economic activity. Economic relations are based on the prerequisites for developing means to minimize the redistribution of risks, ensure high social protection of the population, and reduce the financial burden of the state. The creation of investment resources in the current environment is facilitated by the development of insurance markets and insurance systems designed to overcome crisis phenomena in the economy. Purpose. The purpose of the study is to analyze the conceptual foundations and key factors that contribute to the sustainable development of the insurance market in modern conditions. Materials and methods. The objectives of this paper were achieved according to scientific cognition and the general scientific method of studying economic phenomena. The theoretical and methodological basis of the study was formed by the work of domestic and foreign scholars and practitioners studying the development of the insurance market. Abstract, logical, comparative, monographic, diagrammatic, and scientific generalization methods were used. Results. The insurance market is affected by a crisis phenomenon, and its cyclical operation is dysfunctional, with adverse effects on sustainable development. Increasingly stringent requirements of mega-regulators and the impact of military operations on the national economy pose a real threat to the sustainable development of the insurance market, resulting in lower demand for insurance services. Key principles have been formulated that determine the viability of the insurance market and its potential for sustainable development. Determined that priority areas for the development of the insurance market in the near future are the development and introduction of innovative new insurance products and the improvement of the regulatory framework. Discussion. Priority areas for further research include the impact of technological innovation on the insurance market and analysis of its role in ensuring sustainable development. The relationship between economic and social factors and the sustainable development of the insurance sector will be studied, as well as the impact of global and regional economic and political changes on insurance markets and ways to adapt to them.