The article discusses the formation of the insurance market in Ukraine, highlighting the challenges and issues faced by insurers. It points out that many insurers have low financial stability, leading to a lack of competitive advantage. Despite a rise in insurance premiums, the actual insurance protection provided is not sufficient. The main threats to insurers and the state's financial security include a narrow life insurance segment and slow growth in financial stability. The development of the insurance sector depends on state policies and regulatory measures. The domestic insurance market is considered closed and non-transparent due to various factors like market complexity and lack of detailed data on insurers.