Subject The article addresses the operations of insurance companies in Russia, problems and development prospects for the insurance market. Objectives The aim of the study is to assess the potential and prospects for the insurance market and competitive advantages of Russian insurance companies. Methods To analyze various aspects of insurance business, I employ statistical, experimental, balance sheet, and economic and mathematical methods. Results The paper identifies strategic development areas, defines a system of indicators that characterize the level of investment potential of insurers and the level of their investment potential. It also reveals competitive advantages of insurance companies, presents a procedure for insurer's investment portfolio formation and classification of factors impacting the direct and indirect indicators that characterize the level of investment potential. Conclusions The analysis of competitive advantages of insurance companies under consideration shows that it is necessary to establish a reasonable price of insurance coverage for the insured; understand and take into account the needs of the insured; have qualified intermediaries to conclude and maintain insurance contracts; increase the range of services offered; improve the process of settlement of losses, which would satisfy the needs of the insured; provide information on obtaining insurance products and their specifics.
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