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The article determines the importance of benchmarking as a tool for forming strategic decisions in the insurance business at the current stage. Functional benchmarking of financial parameters was chosen as an applied component of the study. Insurance companies as financial institutions operate exclusively with cash flows, which explain the approach chosen. Each sector of the Ukrainian economy has suffered from the war with russia. But the depth of losses and the time of the fall in individual industries differed significantly. The conducted analysis showed that the losses of the insurance business were immediate and very significant. Inefficiency and low financial stability were characteristic of most insurers in Ukraine even in the pre-war period. The market falls during the war only emphasized the previously accumulated problems. Benchmarking of financial parameters of TOP10 insurance companies was carried out based on real data of the non-life insurance sector. The first half of 2022 was chosen for the analysis, which is explained by heavy market and financial losses (related to the war) of all insurance market participants. A methodological problem (formation of statistical data and their systematization) was identified during the research. The methodological approach of conducting functional financial benchmarking, which was formed by the authors, made it possible to eliminate this problem. The main compared financial parameters, sources of initial information and presents the benchmarking procedure are defined. The basic financial parameters in comparison allow us to identify the strengths and weaknesses of the activities of insurers in today’s difficult conditions. The analysis showed that the market is in the conditions of a liquidity gap, which arose due to a sharp decrease in the receipt of insurance premiums and an increase in insurance payments. The problem of low capitalization, which is a common threat to all market participants, was identified. The problem of low efficiency also occurred in the pre-war period and worsened during the war. It is possible to predict a decrease in the number of market participants under the influence of the outlined problems in the near future. A number of solutions for overcoming crisis manifestations in the insurance market in the war and post-war periods are suggested in the article.

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