Olha Zhabynets

The insurance sector plays a critical role in the economy, providing protection and security of the state and influencing its social and economic development. However, having a significant potential for development, the sector cannot fully realize it due to many problems, including its shadowing. Using the method of unprofitable enterprises analysis, which is applied by the Ministry for Development of Economy, Trade and Agriculture of Ukraine to determine the level of the shadow economy, considering the type of economic activity, the level of shadowing of the insurance services sector in Ukraine and its regions in 2013 and 2018 was calculated. The calculation results showed an increase in the shadow level of the insurance services sector both in Ukraine as a whole and in the separate regions. To evaluate the effectiveness of the insurance sector potential, given the calculated level of shadowing, a comprehensive assessment was carried out by standardizing the values of selected indicators characterizing the potential of the insurance sector in the context of Ukraine’s socio-economic development. The indicators of the efficient use of the insurance services sector potential in Ukrainian regions, calculated using an integrated assessment, showed an increase in the efficiency of using the potential of the insurance sector in three out of five analyzed regions. Zaporizhzhia region demonstrated the most significant growth. It has been proven that an increase in the volume of services provided is a key factor in increasing the social and economic efficiency of the insurance sector.