Home  Journals  Finance and Credit  46(622) - 2014 December

Liability insurance in Russia: current state and development areas

Available online: 6 December 2014

Subject Heading: Insurance

JEL Classification: 

Pages: 35-44

The article states that in developed countries liability insurance occupies the most important place in the system of protection of property interests of citizens and economic entities. However, in Russia this area of insurance relations has not yet gained a decent momentum. The author emphasizes that owing to special social importance of liability insurance it is necessary to take additional measures to develop it in our country. The author has analyzed the current state of liability insurance in Russia and identified its development areas. The structural and dynamic analysis served as a basis for exploring the indicators of optional and mandatory liability insurance development in the Russian Federation. Using the comparative analysis and logical cognition methods, as well as the methods based on discourse principles enabled to define key problems of liability insurance development and identify the factors having a crucial effect on the condition of major types of optional and mandatory liability insurance in our country. The author summarized the results of liability insurance in Russia and made certain conclusions. In particular, the volume of insurance premiums in liability insurance is generally formed from mandatory insurance premiums, and the share of optional liability insurance is gradually decreasing. The optional liability insurance market has a rather explicit territorial differentiation. Over recent years the Russian Federation has taken a number of important statutory resolutions aimed at developing mandatory liability insurance. There are some factors capable to have a serious negative impact on this sector's future development. The author emphasizes that the most acceptable and perspective way of increasing the efficiency of liability insurance in Russia is "imputed" insurance institution development. It is also necessary to increase emphasis on protecting rights of Russian policyholders.

Keywords: liability insurance, imputed, current state, problem, development prospects, insurers, policyholders

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