INNOVATIVE APPROACH TO BUDGETING ACTIVITIES OF INSURERS IN THE CRISIS ON THE UKRAINIAN INSURANCE MARKET

Abstract

Traditional budgeting, despite the critical comments regarding this management tool, is widely used in many medium and large enterprises, including insurance companies. The authors propose an innovative approach to budget management in insurance companies, based on the hyperdynamics feature, permanent instability of today's business environment in the country generally, in the insurance market particularly, and specifics of insurance. In particular, it is a combination of traditional budgeting and non-budgetary methods of financial planning.