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The Role of Insurance Companies in the Financial Market of Ukraine
Romashko O. M., Krykhivska N. О., Oryshchyn T. M.

Romashko, Oleksandra M., Krykhivska, Nataliia О., and Oryshchyn, Tetiana M. (2024) “The Role of Insurance Companies in the Financial Market of Ukraine.” Business Inform 7:428–434.
https://doi.org/10.32983/2222-4459-2024-7-428-434

Section: Finance, Money Circulation and Credit

Article is written in Ukrainian
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UDC 368.03:336.76

Abstract:
The aim of the article is to determine the place of insurance companies among financial intermediaries operating in the national financial market, and to theoretically substantiate their role in the institutional structure of the financial market. The article examines the main approaches to the interpretation of the category of «financial intermediaries», on the basis of which it is found that financial intermediaries are professional participants of the financial market, whose main activity is the provision of financial ser-vices to economic entities. They ensure efficient allocation of financial resources, risk mitigation, in-creased asset liquidity, and economies of scale. In addition, the main unifying features of financial in-termediaries are allocated, namely: accumulation and consolidation of financial resources; distribution and effective use of financial resources; reduction of financial risks; monitoring and information support; ensuring the liquidity of assets; increasing the efficiency of operations and minimizing costs; compliance with regulatory requirements and transparency of operations. The classification of financial in-termediaries by types of activity, by the model of cooperation with other financial institutions and by the nature of financial transactions is generalized. On the basis of the study, it is determined that the leading place in the financial market of Ukraine is occupied by banking institutions, but most scientists point to the strengthening of the role of non-bank financial institutions, in particular insurance companies. The latter in the financial market act not only as insurers and financial intermediaries, but also as financial investors, because they are assigned the following functions: accumulation of financial resources, redi-stribution of risks, stimulation of economic growth, provision of liquidity, formation of long-term in-vestments, reduction of economic uncertainty, introduction of innovations and stimulation of the devel-opment of the financial market.

Keywords: financial intermediaries, financial market, insurance market, insurance companies.

Fig.: 3. Tabl.: 1. Bibl.: 12.

Romashko Oleksandra M. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Finance, Accounting and Taxation, Ivano-Frankivsk National Technical University of Oil and Gas (15 Karpatska Str., Ivano-Frankіvsk, 76019, Ukraine)
Email: [email protected]
Krykhivska Nataliia О. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Finance, Accounting and Taxation, Ivano-Frankivsk National Technical University of Oil and Gas (15 Karpatska Str., Ivano-Frankіvsk, 76019, Ukraine)
Email: [email protected]
Oryshchyn Tetiana M. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Finance, Accounting and Taxation, Ivano-Frankivsk National Technical University of Oil and Gas (15 Karpatska Str., Ivano-Frankіvsk, 76019, Ukraine)
Email: [email protected]

List of references in article

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