FACTORS INFLUENCING THE DEVELOPMENT OF COMPETITION IN THE INSURANCE MARKET

This article examines the key factors that influence the development of competition in the insurance market. The study analyzes the regulatory framework, market structure, product innovation, pricing strategies, and technological advancements that affect competitive dynamics among insurance companies. Attention is given to the role of market liberalization, digitalization, consumer demand, and strategic partnerships in enhancing competition. The paper also explores challenges such as market concentration, regulatory barriers, and information asymmetry that can hinder effective competition. Based on empirical observations and comparative analysis, the study proposes recommendations for creating a more competitive, efficient, and consumer-oriented insurance market.