THE INFLUENCE OF INSURANCE ON THE SOCIO-ECONOMIC SECURITY OF REGIONS

Abstract

The development of modern business and the implementation of local and regional (territorial) development approaches necessitate the active expansion of the insurance sector. The introduction of appropriate financial mechanisms helps to neutralize threats and increase the financial stability of market players, as evidenced by the experience of European countries. The aim of this research is to substantiate the essence, features, and main tasks in the field of insurance, to identify priority areas for the development of the insurance market, and to harmonize the interests of participants and effective partnerships. This is considered in light of the need to create the preconditions for the socio-economic stability and security of the state and its individual regions. The main task of the study is to assess the current situation and existing forecasts, as well as to determine the priority directions for the development of the insurance sector, taking into account the needs of society, interests, and partnership mechanisms, including at the international level. The research employed scientific methods of cognition. The author examined the essence and potential for the development of the insurance sector, considering the practical experience of countries worldwide and current trends in the insurance market. The study proves the importance of the insurance sector for society, regional development, and enhancing investment opportunities. It analyzes regional peculiarities and defines priority areas for development based on the needs of economic sectors and territorial communities. The paper substantiates the impact of effective interaction among insurance market participants on the possibilities for expanding insurance services. It also highlights the relevance of partnership in implementing insurance approaches and mechanisms of interaction between participants. The author emphasizes the need to harmonize the interests of all participants, as well as to coordinate actions and levels of responsibility, and the potential for public-private partnerships in regional development and investment activities. The study underscores the need to guarantee practical results from interactions within the insurance sector and to create preconditions for socio economic security, taking into account regional specifics. The results of the author's research can be used for further studies in the field of insurance and partnership-based interactions among participants.