+7 925 966 4690, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»






Financial Analytics: Science and Experience

Studying the factors of regional insurance market development using the correlation and regression analysis

Vol. 16, Iss. 2, JUNE 2023

Received: 7 May 2020

Received in revised form: 21 May 2020

Accepted: 4 June 2020

Available online: 30 May 2023


JEL Classification: G22, G38

Pages: 186–204


Evgeniya L. PROKOP'EVA Khakass Technical Institute, Branch of Siberian Federal University (SibFU), Abakan, Republic of Khakassia, Russian Federation


Subject. The article investigates and quantifies factors of insurance markets functioning in Russian regions, and reveals possibilities to manage them.
Objectives. The purpose of the study is to substantiate regional factors that determine the specifics of regional insurance market development; to quantify them to increase the efficiency of regional insurance.
Methods. The study draws on statistical methods, functional analysis, algorithm development, correlation and regression analysis.
Results. I calculated coefficients of pair and multiple correlation with the indicators of insurance markets in the context of the subjects of the Russian Federation, and composed regression equations. Based on the analysis, I determined the algorithm for inverse effect of the insurance market on the economic, social, fiscal and environmental performance of the region, offered appropriate measures aimed at developing the economic potential of the region and its social sphere.
Conclusions. The paper considers the case of the Republic of Khakassia, one of depressed subjects in the Siberian Federal District. The developed models can be used for other regions of Russia, given the geographical and economic features of development. The findings may help generate regional strategies for socio-economic development at the country level. The scientific contribution and the novelty of the work consist of systematizing and quantifying the factors affecting the insurance mechanisms of regional markets, and assessing the inverse effect of insurance mechanisms on integrated development of the region.

Keywords: regional insurance market, insurance regulation, socio-economic development of region, insurance efficiency, multiple regression equation


  1. Belozerov S.A., Chernova G.V., Kalaida S.A. [Modern factors of development of the Russian insurance market]. Strakhovoe delo = Insurance Business, 2018, no. 6, pp. 31–35. (In Russ.)
  2. Orlanyuk-Malitskaya L.A. [Regional insurance: Theoretical aspect]. Strakhovoe delo = Insurance Business, 2017, no. 9, pp. 49–55. (In Russ.)
  3. Tarasova Yu.A., Voskovskaya E.S., Yarusova K.V. [Evaluation of Regional Insurance Markets and Their Impact on the Russian Insurance Market]. Strakhovoe delo = Insurance Business, 2018, no. 10, pp. 36–53. (In Russ.)
  4. Efimov O.N., Kochubei I.A. [Insurance market and insurance business: the problem of regional differentiation]. Strakhovoe delo = Insurance Business, 2017, no. 5, pp. 13–19. (In Russ.)
  5. Vorontsov P.G. [The impact of insurance companies on the development of regional economy in the Russian federation]. Ekonomika i predprinimatel'stvo = Journal of Economy and Entrepreneurship, 2014, no. 7, pp. 279–285. (In Russ.)
  6. Rybin V.N., Skobeleva I.P. [State regulation of insurance activity in regions of the Russian Federation on the basis of target indicators and indicators]. Ekonomika i upravlenie v XXI veke: nauka i praktika = Economics and Management in the 21th Century: Science and Practice, 2015, no. 2, pp. 113–125. (In Russ.)
  7. Kuz'menkova V.D. [Sustainable development of Russian regions]. Vestnik Voronezhskogo gosudarstvennogo universiteta inzhenernykh tekhnologii, 2016, no. 2, pp. 257–261. (In Russ.) URL: Link
  8. Osadchaya T.G., Meshkova L.L., Kulakova A.E. [To the issue about problems of development of the subsidized regions in modern Russia]. Sotsial'no-ekonomicheskie yavleniya i protsessy = Socio-Economic Phenomena and Processes, 2015, vol. 10, no. 9, pp. 107–112. URL: Link (In Russ.)
  9. Prokop'eva E.L. Istochniki i mekhanizmy povysheniya regional'noi effektivnosti strakhovaniya [Sources and mechanisms of improving the regional efficiency of insurance]. Novosibirsk, SibAK Publ., 2018, 208 p.
  10. Prokop'eva E.L. [Socio-economic status of the region: The classification criteria and potential development]. Problemy sotsial'no-ekonomicheskogo razvitiya Sibiri = Problems of Socio-Economic Development of Siberia, 2017, no. 4, pp. 59–71. (In Russ.)
  11. Burmaa G. The Potential and Prospects of Mongolian Insurance Market. Wschodnioeuropejskie Czasopismo Naukowe, 2018, vol. 4-3, no. 32, pp. 23–26.
  12. Porrini D. Regulating Big Data Effects in the European Insurance Market. Insurance Markets and Companies. Insurance Markets and Companies, 2017, vol. 8, iss. 1, pp. 6–15. URL: Link.2017.01
  13. Mnykh M.V. Competition in the Insurance Market of Ukraine and the Peculiarities of Its Control. Priority Research Areas, 2017, pp. 79–94.
  14. Koijen R.S.J., Yogo M. Shadow Insurance. Econometrica, 2016, vol. 84, iss. 3, pp. 1265–1287. URL: Link
  15. Sholoiko A.S. Characteristic of American Insurance Market Infrastructure. Sciences of Europe, 2018, vol. 23-2, pp. 16–18.
  16. Hong J., Hun Seog S. Life Insurance Settlement and the Monopolistic Insurance Market. Insurance: Mathematics and Economics, 2018, vol. 81, pp. 36–50. URL: Link
  17. Chang S.-H. The Dynamic Linkage Between Insurance and Banking Activities: An Analysis on Insurance Sector Assets. Journal of Multinational Financial Management, 2018, vol. 46, pp. 36–50. URL: Link
  18. John F., Toth R., Frank K. et al. Ecological Vulnerability Through Insurance? Potential Unintended Consequences of Livestock Drought Insurance. Ecological Economics, 2019, vol. 157, pp. 357–368. URL: Link
  19. Gaganis C., Hasan I., Papadimitri P., Tasiou M. National Culture and Risk-Taking: Evidence from the Insurance Industry. Journal of Business Research, 2019, vol. 97, pp. 104–116. URL: Link
  20. Geng X., Janssens W., Kramer B., List M. Health Insurance, a Friend in Need? Impacts of Formal Insurance and Crowding Out of Informal Insurance. World Development, 2018, vol. 111, pp. 196–210. URL: Link
  21. Njegomir V., Stojić D. Does Insurance Promote Economic Growth: The Evidence from ex-Yugoslavia Region. Ekonomska Misao i Praksa, 2010, vol. 19, pp. 31–48.
  22. Mohy ul din S., Regupathi A., Abu-Bakar A. Insurance Effect on Economic Growth Among Economies in Various Phases of Development. Review of International Business and Strategy, 2017, vol. 27, no. 4, pp. 501–519. URL: Link
  23. Zheng Hui, Zhao Xin. The Dynamic Relationship Between Insurance Development and Economic Growth: New Evidence from China's Coastal Areas. African Journal of Business Management, 2017, vol. 11, no. 5, pp. 102–109. URL: Link
  24. Mdanat M., Kasasbeh H., Abushaikha I. The Effect of Insurance Activity on per Capita Income in the Southern Mediterranean: An Empirical Analysis Using Jordan as a Case Study. Theoretical Economics Letters, 2019, vol. 9, no. 4, pp. 912–928. URL: Link

View all articles of issue


ISSN 2311-8768 (Online)
ISSN 2073-4484 (Print)

Journal current issue

Vol. 17, Iss. 1
March 2024