Gushchina E.G., Vinogradova V.S. MODERN PROBLEMS AND PROSPECTS FOR THE DEVELOPMENT OF THE INSURANCE MARKET IN THE RUSSIAN FEDERATION

DOI: https://doi.org/10.15688/ek.jvolsu.2021.3.8

Gushchina Elena G. 

Doctor of Sciences (Economics), Associate Professor, Professor, Department of Economics and Entrepreneurship, Volgograd State Technical University, Prosp. im. V.I. Lenina, 28, 400005 Volgograd, Russian Federation, This email address is being protected from spambots. You need JavaScript enabled to view it. , https://orcid.org/0000-0003-3185-7675

Vinogradova Valeria S. 

Master Student, Department of Economics and Entrepreneurship, Volgograd State Technical University, Prosp. im. V.I. Lenina, 28, 400005 Volgograd, Russian Federation, This email address is being protected from spambots. You need JavaScript enabled to view it. , https://orcid.org/0000-0002-1701-6346


Abstract. The role of insurance in a person’s life is undoubtedly great because it serves as the most effective tool in case of loss of property, health problems, business protection, etc. The purpose of the article is to assess the current state of the insurance market in Russia and identify problems that arise during its functioning. The research methodology consists in summarizing and comparing data characterizing various components of the insurance market. The article analyzes the current state of the insurance market in Russia with a falling number of insurers by more than 20 % over the past 3 years, the share of top insurers continues to grow every year, over the past 3 years the growth has amounted to 12 %. Calculations that indicate a change in the level of concentration in the insurance market of the Russian Federation have been made. Based on the results of the analysis, it was concluded that there is monopolistic competition in the market. The main factors influencing the level of competition in the market under consideration, namely, barriers to entry into the industry and their impact, were studied Due to the relevance of the research, the analysis of the impact the pandemic has on the Russian insurance market was carried out and the prospects for the development of the market were considered. Identifying the weaknesses of insurers made it possible to determine the priority areas for further development: intensive digital transformation of business, marketing, advertising.

Key words: market leader, promotion, rating, insurance, insurance market, insurer, insurance premiums, social marketing.

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MODERN PROBLEMS AND PROSPECTS FOR THE DEVELOPMENT OF THE INSURANCE MARKET IN THE RUSSIAN FEDERATION by Gushchina E.G., Vinogradova V.S. is licensed under a Creative Commons Attribution 4.0 International License.

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