Subject. The article investigates the specifics of and trends in the national insurance market. Objectives. The purpose is to analyze risks and opportunities of efficient operation of the insurance system as a whole and its individual segments, to assess development prospects of the insurance market in Russia. Methods. I use the summary and analysis of insurance statistics, generalization and systematization of positive and negative factors of the insurance market development, hypothetico-deductive model, statistical methods and modeling. Results. The article classifies problems and risks of the Russian insurance market functioning. They include sectoral and territorial imbalance, fluctuation of losses, uncertain pricing policy. I identify roots of these problems and offer possible solutions, taking into account the strengths of the insurance industry. Conclusions. The low efficiency of insurance mechanisms results from the lack of stable demand for insurance services, low quality of settlement of losses, and absence of support from the State. The most serious are the problems of insurance in Russian regions. However, they are the most significant, as regional insurance markets are the basis of national insurance. The findings may be useful for insurance policy development at the Federal and regional levels, and for individual insurance companies to strengthen their financial stability and market position.
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