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






Finance and Credit

The modern Russian insurance market: Problems and potential for development

Vol. 25, Iss. 1, JANUARY 2019

PDF  Article PDF Version

Received: 9 August 2018

Received in revised form: 24 September 2018

Accepted: 8 October 2018

Available online: 29 January 2019

Subject Heading: Insurance

JEL Classification: G22, G38

Pages: 177–195


Prokop'eva E.L. Khakass Technical Institute, Branch of Siberian Federal University, Abakan, Republic of Khakassia, Russian Federation


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.

Keywords: insurance market, loss, insurance business, insurance tariff, insurance intermediary


  1. Akhvlediani Yu.T. Rynok strakhovykh uslug: sovremennye tendentsii i perspektivy razvitiya: monografiya [Insurance market: Current trends and development prospects: a monograph]. Moscow, Rusains Publ., 2017, 236 p.
  2. Aksyutina S.V. [Insurance market in the Russian Federation: Problems and prospects]. Problemy razvitiya territorii = Problems of Territory's Development, 2014, no. 2, pp. 115–126. URL: Link (In Russ.)
  3. Airieva A.N. [Strategic directions of modern insurance market in Russia]. Modeli, sistemy, seti v ekonomike, tekhnike, prirode i obshchestve, 2014, no. 2, pp. 36–40. (In Russ.)
  4. Spletukhov Yu.A. [Insurance markets of the EAEU member States: Current status and efficiency]. Nauchno-issledovatel'skii finansovyi institut. Finansovyi zhurnal = Research Financial Institute. Financial Journal, 2017, no. 2, pp. 105–114. URL: Link (In Russ.)
  5. 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.)
  6. Yuldashev R.T., Logvinova I.L. [Practical application of the Institution of insurance for the development of the economy of the Russian Federation and possible directions of development of the insurance industry]. Strakhovoe delo = Insurance Business, 2018, no. 5, pp. 9–15. (In Russ.)
  7. Turbina K.E. [Impact of US and European economic sanctions on the international reinsurance of Russian insurers]. Strakhovoe pravo = Insurance Law, 2015, no. 2, pp. 37–47. (In Russ.)
  8. Prokop'eva E.L. Istochniki i mekhanizmy povysheniya regional'noi effektivnosti strakhovaniya [Sources and mechanisms of improving the regional efficiency of insurance]. Novosibirsk, ANS SibAK Publ., 2018, 208 p.
  9. Prokop'eva E.L. [Assessment of efficiency of development of insurance in regions of the Russian Federation with the use of the index method]. Finansovye issledovaniya = Financial Research, 2017, no. 1, pp. 66–76. URL: Link (In Russ.)
  10. Komarova N.V. [The mainstream of the modern Russian insurance market development]. Vestnik Sankt-Peterburgskogo universiteta. Ekonomika = Saint Petersburg University Journal of Economic Studies, 2013, no. 1, pp. 91–99. URL: Link (In Russ.)
  11. Sharapova S.A. [Evaluation of efficiency of management of sales channels of insurance company in the market of industrial insurance]. Vestnik Moskovskogo gorodskogo pedagogicheskogo universiteta. Seriya Ekonomika = Vestnik of Moscow Teacher Training University. Series: Economics, 2014, no. 1, pp. 84–94. URL: Link2014Ekonomika.Pdf (In Russ.)
  12. Tsyganov A.A., Bryzgalov D.V. [Digitalization of the insurance market: Tasks, problems, and prospects]. Ekonomika. Nalogi. Pravo = Economics. Taxes. Law, 2018, vol. 11, no. 2, pp. 111–120. URL: Link (In Russ.)
  13. Kotlobovskii I.B., Sagan A.I. [Sustainable growth of the life insurance market]. Ekonomika i predprinimatel'stvo = Journal of Economy and Entrepreneurship, 2014, no. 7, pp. 598–604. URL: Link (In Russ.)
  14. Rusetskaya E.A., Bryzgalina Yu.Yu. [Investment life insurance in the basket of financial instruments]. Ekonomika i upravlenie: problemy, resheniya = Economics and Management: Problems, Solutions, 2016, vol. 1, no. 11, pp. 227–231. (In Russ.)
  15. Adamchuk E.A. [Developing insurance markets: Risks, challenges and opportunities]. Strakhovoe delo = Insurance Business, 2013, no. 2, pp. 59–64. (In Russ.)
  16. Zhegalova E.V. [Development of regulation and supervision in the global insurance market in the conditions of globalization: Foreign and Russian experience]. Ekonomicheskie nauki = Economic Sciences, 2015, no. 131, pp. 113–116. URL: Link (In Russ.)
  17. Kuleshova D.I. [State regulation of insurance activities]. Ekonomika i upravlenie: problemy i resheniya = Economics and Management: Problems and Solutions, 2016, vol. 2, no. 1, pp. 84–88. (In Russ.)
  18. Rybin V.N., Skobeleva I.P. [State regulation of insurance activity in the regions of the Russian Federation on the basis of target indicators and indicators]. Ekonomika i upravlenie v XXI veke: nauka i praktika, 2015, no. 2, pp. 113–125. (In Russ.)
  19. 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.)
  20. Orlanyuk-Malitskaya L.A. [Insurance interest as a basis for the development of regional insurance]. Regional'naya ekonomika i upravlenie: elektronnyi nauchnyi zhurnal, 2017, no. 4, p. 1. (In Russ.) URL: Link

View all articles of issue


ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

Journal current issue

Vol. 30, Iss. 1
January 2024