Financial security of the insurance market: theoretical aspect

Abstract

The insurance market plays an important role in the economic life of any country, and ensuring its financial security is one of the most important tasks. This topic is quite relevant in the works of domestic scientists, which is explained by the challenges and threats to the financial market as a whole. The article reveals the theoretical aspects of the financial security of the insurance market, in particular the place of the financial security of the insurance market in the country's financial security system, its essence from the point of view of different approaches of scientists, the main components and characteristics. It was determined that the concept of financial security of the insurance market should be understood as the ability to counteract internal and external threats, while ensuring the fulfillment of obligations, solvency, financial stability, financial reliability, profitability. The main indicators of the financial security of the insurance market are characterized, which are interconnected and in general form the basis of financial security and the main components of ensuring the financial security of the insurance market, in particular, the efficiency and stability of the activities of insurance companies, competitiveness and financial independence, protection of the interests of insurance companies, sufficiency financial resources, as well as the balance of the system of financial indicators and tools. The main threats that affect the financial security of the insurance market in wartime were analyzed, as a result of which the conclusions were formed that the introduction of new supervision and the establishment of new standards leads to a reduction in the number of insurers on the market due to the inability to fulfill them, thus, the insurance market is less financially stable, reliable and safe.