Openness of the insurance market for foreign entities: methodology and experience of Ukraine

Abstract

The article is devoted to the development of methodical tools for determining the level of openness of the insurance market in Ukraine. The proposed level of openness of the insurance market of Ukraine should be considered as an opportunity (potential) for domestic insurers to interact effectively with foreign investors and financial intermediaries. It has been established that the mathematical tool for realizing the task should be a gravity modeling, which, taking into account the inflow and outflow of the characteristics of the openness of the insurance market of Ukraine, allows us to determine the degree of its remoteness from the insurance markets of Europe and the World. It is proved that the openness of the insurance market of Ukraine serves not only as an indicator of the level of readiness of the interaction of domestic financial intermediaries with foreign entities, but also fully characterizes the infrastructural level of the Ukrainian insurance market.