The Competitiveness Assessment of the Life Insurance Companies in Ukraine

The paper suggests a methodical approach to assessing the life insurance companies’ competitiveness, which is based on a combination of ranking and radar methods. The algorithm for such an assessment is developed, which covers seven progressive stages. The respective calculations revealed the most competitive life insurance companies currently existing in Ukraine. The performed analysis proved the existence of system-forming life insurance companies in Ukraine, as well as groups of institutions that, under certain conditions, can compete significantly or even take a leading position in the market. It is proved that the establishment of competitive positions of such institutions in the relevant market is not only economic but also social in nature, because it allows potential policyholders quickly determining the integrated state of development of a particular insurer. It is substantiated that such calculations are necessary for insurers, as well as for the relevant state authorities, concerning the determination of further development prospects for the cash-value life insurance. Such an analysis is also justified under the changing regulation model of the life insurance companies, as one of the key tasks of the NBU is to strengthen the requirements for their activities, as a result, only the most developed institutions will remain on the market. It is proved that maintaining its place in the market by existing insurers-leaders and, at the same time, gaining new additionalprospects for strengthening their market positions by other life insurance companies, requires using a flexible development strategy, which will be based on customer orientation. The ways for improvement of traditional development strategies of life insurance companies are outlined, which allows strengthening their competitive positions in the market under the emerging crisis phenomena in the economic and financial fields.