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Vol.14, No.4, November 2025. ISSN: 2217-8309 eISSN: 2217-8333
TEM Journal
TECHNOLOGY, EDUCATION, MANAGEMENT, INFORMATICS Association for Information Communication Technology Education and Science |
Market Constraints to the Innovative Development of the Insurance Market in Ukraine: Challenges and Prospects
Olha Dymnich, Liudmyla Prymostka, Vitaliy Romanchukevych
© 2025 Olha Dymnich, published by UIKTEN. This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License. (CC BY-NC-ND 4.0)
Citation Information: TEM Journal. Volume 14, Issue 4, Pages 3524-3532, ISSN 2217-8309, DOI: 10.18421/TEM144-58, November 2025.
Received: 10 February 2025.
Abstract:
This paper explores the key barriers hindering innovation in the Ukrainian insurance market, focusing on financial, technological, and human resource constraints. A descriptive-analytical and mixed-methods approach, including financial data analysis and expert interviews, was applied to identify the most pressing challenges and assess opportunities for modernization. The study demonstrates that low capitalization, outdated IT systems, and a shortage of qualified specialists remain the most significant obstacles, exacerbated by the ongoing war and macroeconomic instability. While financial and technological constraints are the most direct impediments, the shortage of skilled personnel is largely a consequence of these limitations. Nevertheless, the presence of international insurers, growing premium volumes, and prospects for European integration present opportunities for innovative development. The findings emphasize the importance of regulatory reform, investments in digitalization, and improved financial literacy. The paper contributes to the debate on innovation in emerging insurance markets and highlights directions for further research, including consumer trust, regulatory sandboxes, and cross-country comparisons.
Keywords – Insurance market of Ukraine, compliance, European integration, InsurTech, financial literacy. |
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