Determining Competitive Advantages of Insurance Companies in Ukraine

Purpose: The study aims to analyze and determine the competitive advantages of insurance companies in Ukraine in order to increase their competitiveness on the basis of economic and mathematical modeling. Approach/Findings: Detailed analysis of performance indicators of the leading insurance companies in Ukraine was carried out. Based on economic and mathematical modeling, their competitive advantages were calculated. Factors that most significantly affect the competitiveness of an insurance company were determined. Originality/Value: The study includes a holistic and systematic approach to determining the competitive advantages of insurance companies in the Ukrainian market based on factor analysis of their performance. This study provides additional opportunities for strategic management of a company. The proposed approach can be the basis for implementing simulation experiments of an insurance company to determine the most significant indicators of its work to increase competitiveness. Practical Implications: Model calculations, carried out in the work, made it possible to determine the position and opportunities of companies in the Ukrainian insurance market, factors that increase the competitiveness of insurance companies, as well as directions for improving their development strategies. Research Limitations/Future Research: Research prospects are associated with further improvement of indicators that are system-forming in determining competitive advantages of insurance companies in Ukraine. Paper type: Empirical