is created at the expense of a large circle of its participants - enterprises, institutions, organizations and individual citizens. The participants of this fund (shareholders and users) act as policyholders. The formation of the fund takes place only in a decentralized manner, since insurance premiums are paid separately by each participant (insured).
In modern conditions, the insurance fund of the insurer has only a monetary form. The fund's resources are spent for specific purposes - to compensate for damages and pay insurance sums in accordance with the rules and conditions of insurance established by insurers. The amount of the fund's financial resources required for the payment insurance compensation and sums insured, is determined on the basis of statistics, empirical forecasts and probability theory. The greater the number of participants in the fund, the more reliable will be the indicators that determine the amount of its financial resources.
Within the framework of the insurance fund of the insurer, a very high efficiency of the use of available funds is achieved. Losses in this case as if laid out among all participants in the insurance fund, there is a significant redistribution of funds, which ultimately leads to greater maneuverability and turnover.
The social nature of the insurance fund reflects its real material content. The insurance fund of the insurer implements the collective and personal interests of its participants, reflects the relationship between the social positions of participants in economic activity and their economic behavior, motivations and stereotypes.
The public nature of the insurance fund of the insurer requires the appropriate public nature of its management. In other words, it is necessary to organize insurance relations between participants of the insurance fund on a directly public basis through insurance institutions ( insurance companies or insurance companies). Each insurance institution, in the operational management of which the insurance fund is transferred, on the one hand, is designed to solve the problems of insurance interests existing in society, and on the other hand, it must have the necessary material, financial and human resources to perform these tasks.
The practical side of the functioning of the insurance fund of the insurer finds expression in the insurance legal relations that develop between their participants: insurers and policyholders, as well as insurance intermediaries. Insurance legal relations are based on the material conditions of life. The set of obligatory rules of conduct (norms) of the insured and the insurer, established or sanctioned by the state, constitutes the insurance law.
When organizing an insurance fund, the insurer takes into account the relationship and interdependence between chance and necessity. An important auxiliary tool for the study of this dependence is statistics.
With the help of a statistical regularity, which is the result of a generalization of one or more general features of a chaotic mass of individual phenomena, the insurer is able to establish the need for randomness, which would be impossible in an isolated consideration of individual cases. The statistical regularity studied by the insurer is valid for a set of single events, although it may not manifest itself in a single event. By generalizing a sufficiently large number of individual cases, it is possible to financially measure the totality of random events that caused material damage. This creates the prerequisites for determining the necessary and sufficient size of the insurance fund.
The organization of the insurance fund of the insurer is based on the operation of the law of large numbers and the system of actuarial calculations.

There are three forms of organizing an insurance fund:

state centralized insurance (reserve) fund;

self-insurance fund;

an insurance fund formed by an insurance company.

Formation state insurance fund produced in a centralized manner at the expense of national resources. The Fund can be formed both in kind and in cash. The purpose of its creation is to compensate for the damage caused by large-scale accidents, natural disasters, as well as the need to eliminate their consequences.

self-insurance fund has an organizationally isolated character, is formed at the expense of natural and cash reserves of economic entities. The purpose of the self-insurance fund is to ensure the smooth operation of the entity and its financial stability in adverse economic conditions.

Insurance fund of an insurance company formed only in cash. Its creation is determined by a large number of participants (insurants) who pay insurance premiums. The funds accumulated in the insurance fund have a strictly designated purpose - the payment of indemnities and insurance amounts to fund participants in accordance with the rules and conditions of insurance. Inside the insurance fund, the loss of one of the participants is redistributed among all the remaining ones. When determining the required amount of the fund, the insurance company applies methods actuarial calculations, based on the operation of the law of large numbers and the theory of probability.

Based on the assumption that the risk transfer mechanism is implemented through the formation of an insurance fund, it can be concluded that the amount of the contribution paid to this fund should be fair for all its participants.

Each member of the fund who wants to transfer his risk to insurance brings risks of varying degrees to the insurance company. For instance:

a wooden house can pose a greater danger than a house with a brick structure;

An 18-year-old driver poses a greater risk than a 35-year-old; two 35-year-old drivers, one with a family car and the other with a sports car, will also contribute different risks to the fund;

an overweight person is more likely to die early than an average weight person;

a manual worker is more at risk of injury than an office worker.

Based on the above, the following conclusions can be drawn:

Contributions to the insurance fund must be sufficient to pay potential compensation in the event of a loss, and also correspond to the size of the danger and the value of the property and other risk factors.

Insurance premiums must cover the administrative costs of managing this fund, be sufficient to form reserves from which extraordinary losses are covered in unfavorable years, and also guarantee the insurance company a certain rate of return.

When setting the amount of the insurance premium, it is necessary to take into account the above two principles, and also to make sure that the contribution to the insurance fund of each particular polyholder should be comparable with the contributions of others, taking into account the severity and frequency of their risks. In addition, the level of contributions should allow competition in the marketplace.

Methods of formation of insurance funds.

The insurance fund is used to compensate for property damage in the event of adverse emergency events and to provide assistance to citizens in the event of certain events in their lives: temporary or permanent disability, coming of age, marriage, etc.. In addition, the funds of the insurance fund are used for the purpose of preventing or reducing damage. There are two categories of measures taken: precautionary (preventive), aimed at preventing the possibility of a disaster (building dams, fire-resistant and anti-seismic construction, etc.) and suppressive (repressive) - to limit the destructive power of a disaster that has already occurred (fire fighting, rescue works). Part of the insurance fund in the form of temporarily free insurance resources can be invested in various industries or securities for the purpose of making a profit by insurance companies.

In a market economy, the insurance fund is determined by economic necessity, and insurance is an indispensable element of market infrastructure, an economic lever for stabilizing the economy.

The insurance fund is inextricably linked with social reproduction, is its indispensable element and acts as an economic method of restoring productive forces destroyed by the elemental forces of nature or accidents.

In practice, there are three main forms of creating insurance funds:

1)self-insurance fund (or its modifications - risk funds);

2)centralized national reserves;

3) insurer funds.

Under self-insurance is understood as the creation in a decentralized manner of a separate fund by each enterprise or farm separately. Of particular importance are insurance funds for agricultural production, since it is closely related to climatic and natural conditions and to a greater extent than industry is exposed to natural forces (a fund is created in kind and in cash).

generated from public resources. The purpose of this fund is to provide compensation for damage in the event of global catastrophes, accidents and natural disasters. Formed in cash and in kind. The prerogative to dispose of them belongs to the government.

The third form of creating an insurance fund is insurance- differs significantly from the forms discussed above. With this method, the fund is created at the expense of insurance premiums of insurance participants (enterprises, institutions, organizations, individuals, etc.) and is spent on strictly defined purposes: to compensate for losses from natural disasters and pay insurance amounts only to participants in the insurance fund. The formation of the fund is carried out in cash in a decentralized manner, since insurance premiums are paid by each insured, and the payment of insurance compensation and insurance amounts to injured insureds is carried out on the basis of certain rules specified in the insurance contract.

Centralized form of organization of the insurance fund.

Centralized insurance (reserve) fund is formed at the expense of national resources in natural and monetary forms. In natural form, it represents constantly renewable stocks of products, goods, raw materials, fuel, food, etc. In monetary form, in the form of financial reserves (gold, jewelry, etc.).

The purpose of this fund is to provide compensation for damage and eliminate the consequences of natural disasters and major accidents (an earthquake in Armenia, in South Sakhalin, the accident at the Chernobyl nuclear power plant, etc.).

Mutual insurance. Mutual insurance companies, features of the creation and organization of their activities.

Mutual insurance is a non-profit organization insurance fund that provides insurance protection of the property interests of members of its society on a reciprocal basis by pooling the funds necessary for this. Members of the society are both policyholders and insurers, which is an economic prerequisite for providing them with real insurance protection at minimum prices.

The most important principle of the organization of mutual insurance is homogeneity of risks accepted by the society for insurance. This principle means mutual insurance of the same risks for all members of the OBC. The principle of homogeneity of risks specifies the principle of community of insurance interests and coincides with it when the form of community of insurance interests is homogeneous risks. It should be noted that the principles of community of insurance interests and homogeneity of risks limit the scope of organization of mutual insurance.

The organization of mutual insurance creates favorable conditions for the implementation of another general principle of organizing insurance relations - the principle of the highest good faith requiring the maximum conscientiousness of insurance participants when doing business with each other. The community of insurance interests of mutual insurance participants is the organizational and economic basis for the implementation of the principle of the highest good faith. In addition, the practical implementation of the principle of the highest conscientiousness in mutual insurance contributes to its spread to commercial insurance and to the general insurance culture in society.

Peculiarities of organization of mutual insurance provide democratic management of the society. The management of the mutual insurance company is carried out by the insurers themselves. Each member of the OBC has one vote. Equality of votes is determined by the same entry fee for all participants. Such a material basis for democratic governance is absent in commercial insurance organizations, in which the price of a vote depends on the weight of the founder in the authorized capital.

Mutual Insurance Society - it entity, endowed with legal capacity and insuring its members on the basis of reciprocity. It acquires legal capacity from the moment of issuing a license to conduct insurance activities by the insurance supervision authorities.

Mutual insurance companies (OVS) are such organizational and legal form of enterprises, which is found only in insurance. Historically, it originated in the Middle Ages from guild associations of artisans. The economic importance of mutual insurance companies is great. Many large German insurance companies have this organizational and legal form.

Mutual insurance companies are regulated by the Insurance Supervision Act. Just like joint-stock companies, OBOs are commercial entities and as such are subject to registration in the commercial register. The trade name of the mutual insurance company must contain an indication that it is this organizational and legal form of the insurance company, i.e. must contain the words "reciprocal insurance" (auf Gegenseitigkeit) or the corresponding abbreviation (a.G).

insurance protection - a service provided by insurance companies.

Like any product insurance service has a use value and a value.

Use value insurance service is to provide insurance coverage. Insurance protection consists in removing the risk from the insured. Upon the occurrence of an insured event, insurance protection materializes in the form of insurance compensation or insurance coverage.

Price insurance service (price) is expressed in insurance premium(premium) paid by the policyholder to the insurer. insurance premium is established upon signing the insurance contract and remains unchanged during the term of its validity. The premium is calculated relative to the base, which is sum insured under contract. The ratio of the insurance premium to the base is called insurance rate

INSURANCE COVERAGE (INSURANCE COVERAGE)(COVERAGE) - in insurance operations: borders insurance coverage specified in the insurance contract. This term can be used both to indicate the amount of indemnity provided, and to indicate the dangers against which insurance is provided.

As an economic concept, insurance protection reflects the reaction of people to random natural and social events that necessitate unexpected, extraordinary and huge costs. For such expenses, people are forced to create special in-kind or monetary reserves (funds, reserves) in order to either prevent, localize such events, or compensate for the damage if full or partial prevention fails.

Insurance protection is a special economic relationship between people regarding the prevention, limitation of unexpected (accidental) large expenses or their provision (for example, to compensate for damages).

The material embodiment of the economic category of insurance protection is insurance fund , which is a set of allocated (reserved) natural reserves wealth(in kind or monetary terms) created to cover damage from adverse random events and compensate for the need for money.

Historically, insurance reserves (funds, reserves) gradually acquired a social scale, becoming the insurance reserve funds of society and combining the following reserve funds:

Ø state;

Ø its administrative divisions;

Ø branches of social production;

Ø enterprises;

Ø individual citizens;

Ø special insurance organizations.

insurance fund represents a reserve of material or Money intended for damages.

Sources for the formation of insurance funds are payments from individuals and legal entities collected on a mandatory or voluntary basis.

The main organizational forms of insurance funds are:

state funds;

self-insurance funds;

funds of insurance companies.

State insurance funds are formed as funds for social support of the population at the expense of obligatory payments of citizens and legal entities. These funds are used in strict accordance with established standards and in the presence of certain conditions (for example, material security of citizens in the event of disability, old age).

Self-insurance funds are created in enterprises and households on a voluntary basis. It is expedient to use the self-insurance method in cases where the time of occurrence and the size of the need for funds are known in advance, or are small. However, the savings of citizens and legal entities may not be sufficient if there is a large damage.

Funds of insurance organizations are formed on the basis of the transfer of insurance functions to them by customers. These collective insurance funds, created on the basis of insurance premiums of interested parties, are managed by professionals and provide insurance protection against specific risks.

There are two areas of insurance activity in the system of formation of insurance funds:

· state social insurance, based on the principle of collective solidarity and aimed at social equalization and ensured a minimum of well-being;

insurance of individuals and legal entities, carried out by insurance companies on a contractual basis.

Commercial insurance occupies the main place in the system of compensation for damages in a market economy. It guarantees the interests of citizens and legal entities from accidental risks, ensures the continuation of the economic activity of enterprises and the continuity of social reproduction.

According to the law "On the organization of insurance business in the Russian Federation", legal entities and individuals for the insurance protection of their interests can create mutual insurance companies (OVS). OBC can be created in two organizational and legal forms: commercial and non-commercial organizations.

Non-commercial OBC may carry out insurance of property and other property interests of their members without drawing up an insurance contract, i.e. directly on the basis of membership or the Insurance Rules. Commercial OBC may insure the interests of persons who are not their members. Such an OBC must obtain a license to carry out insurance activities of the appropriate type. Insurance of interests of persons who are not members of commercial OBC should be carried out only on the basis of an insurance contract.

In accordance with the law "On Mutual Insurance", No. 286-FZ adopted on November 29, 2007, mutual insurance is insurance of property interests of members of the society on a mutual basis by pooling in the society of mutual insurance the funds necessary for this. Mutual insurance is carried out by a mutual insurance society. Mutual insurance carried out directly on the basis of the charter of the company is subject only to property interests related to the implementation of one type of insurance.

The Society may be established on the initiative of at least five individuals, but not more than two thousand individuals and (or) on the initiative of at least three, but not more than five hundred legal entities, who have convened general meeting where the charter of the company is adopted, the management bodies of the company and the control body of the company are formed. The Company has the right to carry out mutual insurance from the moment of obtaining a license for mutual insurance

Gross domestic product as a result of use (distribution and redistribution) breaks down into consumption and accumulation funds. Insurance funds in terms of insurance payments for damages are classified as consumption funds, and the unused part of the insurance funds in the current year goes to the accumulation fund and is included in the national wealth of the state.
The main principles of functioning of insurance funds are as follows:

scientific validity based on risk assessment;
the complexity of compensation for different types of risks with the resources of one fund;
taking into account industry specifics of the insured property;
taking into account the characteristics of the subjects of property to which it belongs and who insure it;
a variety of organizational forms of the insurance fund to ensure the versatility of insurance;
state regulation insurance activities as a specific type of activity in the insurance services market.

The peculiarity of the insurance fund lies in the impossibility of accurately determining the size of the fund for a particular period, since all loss factors are of a probabilistic nature, and they can only be predicted. At the same time, it is impossible to determine the material composition of the losses: these can be both means of production and a finished product intended for consumption. But preventive measures to prevent an insured event reduce the likelihood of both the occurrence of a negative phenomenon and losses from it. Thus, the resources of the insurance fund are optimized and conditions are created for using it as a source of accumulation of financial resources.
The mobilization of resources in the insurance fund contributes to the economic progress of society. Prompt reimbursement of manufacturer's losses within the target insurance use creates conditions for continuity of production and increase in GDP. The rest of the insurance fund is a significant source of investment in the economy.
Insurance protection of entrepreneurship and an individual by creating an insurance fund is carried out within the framework of specific relations - insurance.
Modern forms insurance organizations as a special sphere of financial relations and at the same time a specific form of entrepreneurial activity are determined general principles functioning of a market economy. In turn, the implementation of these principles, which are reflected in the formation of the structure of types of insurance and the forms of organization of insurance funds, depends on the development of market relations in each country and on the national characteristics of the business sector. Developed market relations require a developed insurance system.
The market economy is characterized by freedom and multiple forms of entrepreneurship, while the state retains the regulation of the most

important general rules market economy and special rules in individual industries. This is reflected in the legislation on certain types of activities, in particular insurance. Thus, insurance as an economic category is a tool for regulating the market economy and, at the same time, as a type of activity, it is subject to state regulation, which contributes to the creation of an orderly structure of the insurance market. In Ukraine state supervision for insurance activities in accordance with the Law of Ukraine "On Insurance" is carried out by a special authorized body of executive power.
The insurance market operates subject to the implementation of certain principles. The main principle of insurance in a market economy is to ensure the competitiveness of the insurance market based on the demonopolization of insurance activities. The objects of competition of insurance organizations include the conditions for mobilizing the funds of insurers in insurance funds, the efficiency of investment and the achievement of high final financial results. It is competition that drives insurance companies within the framework of their forms of activity, constantly expand the range of insurance services, improve the system of their payment and increase the efficiency of payment of insurance compensation.
Security principle financial stability insurance company affects competition between insurance companies different forms when tariffs are unreasonably reduced or risky investments are made. Competition in the field of insurance should not violate the interests of policyholders, so the state regulates the scope of insurance investment.
The principle of organizing insurance is also to ensure the legal protection of fund participants in the event of an insured event, regardless of the form of organization of insurance. This principle is implemented through the mechanism of registration of insurance organizations, licensing of all types of insurance activities and control by the state insurance supervision body.
Based on these principles, insurance is classified according to different criteria.
According to the form of ownership, insurance organizations are divided into state (public sector of insurance) and non-state (commercial sector of insurance).
According to the form of insurance funds in insurance, self-insurance, centralized and collective insurance are distinguished.
Self-insurance is based on individual liability and consists in the formation of insurance funds by legal entities and individuals in cash or in kind. The disadvantage of the considered form of insurance is the inability to create insurance funds of the required size, since this requires the withdrawal of significant funds from economic circulation. Self-insurance is the first historical form of insurance.
Centralized insurance is based on state responsibility and is financed from national funds concentrated in individual public funds(reserve funds of the Cabinet of Ministers and regional government agencies authorities). The peculiarity of this form of insurance

Scheme 8.2. Forms of attraction to insurance and sources of formation of insurance fords
The main reason for this is the limitation of insurance objects (extraordinary events) and the formation of both monetary and property insurance funds (state reserve).
Collective insurance is based on the joint liability of the members of the insurance fund, which they form with their contributions. It is collective insurance that is the basis of the insurance market in the form of insurance funds of insurance companies.
According to the form of involvement in insurance, voluntary and compulsory insurance are distinguished.
Voluntary insurance means the emergence of insurance relations only on the basis of a voluntarily concluded agreement ( insurance policy) between the insured and the insurer in case of possible participation of insurance market intermediaries ( insurance broker, insurance agent). It is part of the civil legal relations.
Voluntary insurance functions if the following principles of voluntary insurance are observed:

connections legislative regulation insurance activities on the part of the state with the voluntary conclusion of an insurance contract by each insured;
selective insurance coverage, taking into account not only the desire of the insured, but also objective restrictions in concluding an insurance contract, which are stipulated by the insurer;
voluntary insurance always time limited stipulated by the contract. Continuity of insurance is achieved by re-concluding the contract;
voluntary insurance is valid only on condition of payment according to the contract (one-time payment or periodic payments). Late payment that violates the terms of the contract means the termination of insurance relations;
insurance coverage under an insurance contract depends only on the desire of the insured and remains within the framework of the insurance valuation of property.

Voluntary insurance for some types (personal, medical, pension, fire) exists in parallel with obligatory form insurance and complements it, creating additional insurance protection for the insured.
Compulsory insurance exists in the sphere of interests not only of individual insurers, but also of society as a whole, that is, it is due to social expediency. Compulsory insurance provides for a certain voluntary inclusion in the category of insurance objects.
Compulsory insurance is carried out under the contract compulsory insurance at the expense of the insured and is included in his gross expenses. The insurer is an organization approved by law.
Compulsory state social insurance (pension, medical, in connection with temporary disability; in case of unemployment; against industrial accidents) is carried out by special off-budget funds, which are formed from the funds of policyholders, insured persons, appropriations from the budget.
According to the form of organization of insurance, state, non-state, mutual, co-insurance, reinsurance are distinguished.

State insurance is based on state responsibility and, in a market economy, is limited exclusively to insurance guarantees provided by the state through authorized bodies. State insurance is such an organizational form, according to which the insurer is the state represented by authorized organizations. As part of state insurance the state monopoly carries out certain types of insurance.
The peculiarity of state insurance lies in the economic nature of state insurance funds and is carried out through budgetary or non-budgetary trust funds formed within the framework of public finance. The source of these funds, as well as public finances in general, are taxes and mandatory contributions legal entities and individuals to the budget and off-budget funds.
There are the following types of state insurance:

centralized, at the expense of the centralized insurance (reserve) fund, which is created from national resources in kind and in cash. Resources in kind are constantly updated reserves of strategic importance, in monetary form - centralized state subordinated to the government financial reserves. The task of the centralized insurance fund, which is an element of the country's general economic complex, is to insure the country's economy against the consequences of emergency natural and man-made events;
obligatory social, at the expense of emerging funds social insurance, in turn, at the expense of deductions from employers, which are included in the cost of products and services (charges on the wage fund), contributions from employees, appropriations from the state budget, and other revenues in accordance with the law.

Non-state insurance is based on collective responsibility. In this form of insurance, the insurer is private capital in the form of a business partnership (the most common form of an insurance company is a joint-stock partnership), which operates in accordance with applicable law and carries out insurance activity. The insurance fund of the partnership is formed at the expense of its authorized capital, insurance premiums and profits from insurance activities. In terms of the variety of insured risks and the number of independent insurance companies, non-state insurance forms the basis of the insurance services market.
Mutual insurance is based on the collective responsibility of a group of legal entities and individuals united in a mutual insurance partnership, the insurance fund of which is formed at the expense of their contributions. The Mutual Insurance Association belongs to non-profit organizations(its primary purpose is not to make a profit). Each founder of the partnership is a shareholder and is entitled to insurance protection in proportion to his own contribution. After the payment of the insurance indemnity, the insurance fund of the partnership is replenished with contributions from its members.
Types of insurance are distinguished in accordance with the classification of insurance objects that are carriers of insurable interest and related to material or intangible phenomena. Accordingly, insurance objects are divided into classes: having value and not having value. In Ukrainian legislation (Article 4 of the Law of Ukraine "On Insurance"), personal, property and liability insurance are distinguished as separate objects. In the legislation of some countries with a market economy, insurance of economic risks is additionally considered as a separate object (industry) of insurance. Each object (industry) of insurance is divided into sub-sectors with specific risk features, which, in turn, also have varieties.
The object of personal insurance is the life, health and ability to work of a person. It combines the risk and saving functions - the accumulation of payments and the issuance of a loan secured by an insurance policy. Within the sub-sectors of this type of insurance (life, accident, medical and pension insurance), there are health insurance for citizens traveling abroad, pensions for age or health, accidents for professional groups, children and schoolchildren, funeral services, etc.
According to the form of organization personal insurance is voluntary and mandatory, and depending on the number of insured - individual and group.
Voluntary health insurance is part of the public health system and can be financed from special insurance funds organized, for example, on a territorial basis. This organizational form of insurance is common in developed countries. market relations and, of course, will eventually be implemented in Ukraine in the process of medical reform.
object property insurance is the insurance of different types of property, its sub-sectors are distinguished depending on the form of ownership of the property. For the Ukrainian insurance market, such types as insurance of crops and animals, vehicles, cargo, personal property of citizens are traditional.
The insured of property insurance can only be a legal or individual(owner, manager or user of property), which has an independent legal property interest.
Fire insurance, according to the world practice of insurance activities, is a separate sub-sector of insurance, based on its importance in business activities. Distinguish between voluntary and compulsory fire insurance. The peculiarity of the formation of the insurance fund of this type of insurance lies in the direction of a certain percentage of the amount of the property insurance contract and the insurance contract civil liability, but within the general insurance fund of each insurance company. In the structure of the insurance fund for fire insurance, a fund is allocated fire safety, the source of formation of which is the percentage of deductions from the amount of insurance premiums for fire insurance.

Scheme 8.4. Types of insurance by industry and sub-sector
The policyholder's liability insurance protects both the policyholder's interests and the interests of the insured. The insured is exempted from compensation for losses to third parties. The peculiarity of this type of insurance is the conclusion insurance contract without identifying a specific insured person (person or business entity). The insured person and the amount of indemnity are determined by a court decision only in the event of an insured event, that is, when harm is caused to a third party.

The most common is civil liability insurance for vehicle owners. different kind, which combines the conditions of personal and property insurance (compensation for loss of health and damage to property). According to the legislation of the country, such insurance is mandatory or voluntary, depending on the type vehicle.
Promising for the Ukrainian insurance market are the following types of liability insurance: a borrower for the return of a loan, an employer, civil liability of enterprises that are a source of increased threat, for environmental pollution, nuclear liability, civil liability of manufacturers of goods and service providers, professional liability (doctors, customs brokers , lawyers, etc.), the responsibility of the business partner.
Insurance of economic risks as a separate branch of insurance, the expediency of which has been proven by the practice of managing developed market countries, is not provided for by modern Ukrainian legislation, but it is possible. In insurance of economic risks, insurance against commercial, technical, legal, political risks and risks in the financial and credit sphere is distinguished.
In the case of insurance of commercial risks, the object of insurance is the investment of monetary and material resources, the result of which should be income, that is entrepreneurial activity. A manifestation of risk is the shortfall in expected income. The specific and most common types of economic risk insurance are as follows:

insurance of loss of profit due to suspension for various reasons of the production process;
insurance of loss of income from non-fulfillment of contractual obligations by partners;
rent insurance against the impossibility of receiving it due to an insured event;
rent insurance against termination of rental relations due to an insured event;
insurance of the recoverable value of the property, if this requires expenses exceeding the value of the insured property.

Technical risk insurance covers all types of risks regarding the creation and operation of the enterprise.
Insurance of financial and credit risks covers those that arise as a result of financial activities insured. This insurance:

export operations, including export credits;
bank loans from the risk of non-payment;
banking from harm caused by personnel or as a result of other illegal actions;
currency risks from exchange rate instability;
from inflation.

Conclusions:
Insurance is a system of economic relations arising from the formation of a special fund of financial resources (at the expense of enterprises, organizations and the population) and its use to compensate for damage caused to property by natural disasters and other adverse factors, to assist citizens and enterprises in the event of various adverse events.
The insurance link is a special link financial system a state in which insurance services can be provided on a mandatory or voluntary basis.
The interaction of the parties interested in concluding insurance agreements and achieving the effectiveness of insurance operations takes place in the insurance market, which is a sphere of monetary relations where the object of purchase and sale is an insurance service.
Insurance is a way to compensate for losses suffered by an individual or legal entity by distributing them among many persons (insurance population). Compensation for losses is made from the funds of the insurance fund, which is administered by the insurance organization (insurer). The objective need for insurance is due to the fact that losses sometimes arise due to destructive factors that are generally beyond the control of a person, such as natural disasters. In such a situation, it is impossible to recover losses from anyone, and a pre-established insurance fund can be a source of compensation for damages.
As an economic category, insurance represents a system of economic relations, including a set of forms and methods for the formation of trust funds of funds and their use to compensate for damages at various risks, as well as to assist citizens in the event of certain events in their lives. It acts, on the one hand, as a means of protecting business and the well-being of people, and on the other hand, as a form of income-generating activity. The sources of profit for an insurance organization are income from insurance activities, from investments of temporarily free funds in objects of production and non-production areas of activity, shares of enterprises, bank deposits etc.
It is known that the category of finance expresses its essence primarily through the distribution function. It finds its specific, specific manifestation in the functions inherent in insurance - risky, preventive and savings, as well as control.