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Financial Analytics: Science and Experience
 

Marketing analysis of the market for property insurance in Russia

Vol. 9, Iss. 15, APRIL 2016

PDF  Article PDF Version

Received: 23 December 2015

Received in revised form: 29 February 2016

Accepted: 23 March 2016

Available online: 27 April 2016

Subject Heading: MONITORING OF ECONOMIC PROCESSES

JEL Classification: D53, G14, G22, L85, M31

Pages: 31-47

Tetushkin V.А. Tambov State Technical University, Tambov, Russian Federation
volodtetus@yandex.ru

Subject The article's research subject is the property insurance market in Russia. The research topic is a marketing analysis of this market.
Objectives The aim of the work is to study the marketing aspects of behavior of potential and current consumers in the Russian property insurance market.
Methods To analyze various marketing aspects of consumers in the market of property insurance, I used econometric and statistical methods: a method of survey and analysis, comparison.
Results I defined certain attitudes of Russians to insurance, in general, and private companies operating in the market, in particular. I determined the proportion of current and potential users of property insurance from accidents or theft. I discuss the main motivation to use the property insurance.
Conclusions and Relevance The insurance literacy level, which is currently low, is a meaningful parameter of involvement of the population to use insurance services. To improve the situation and to raise public awareness about insurance services, I propose to encourage the development of an industry-wide program on communication with consumers involving the regulator, human rights organizations and market participants. The findings can be useful for students and professors, as well as for practical use in banking or other financial and insurance organizations.

Keywords: insurance, services, marketing, consumers, property

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