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Finance and Credit
 

Russian insurance market: Problems of functioning and growth drivers in times of the coronavirus crisis

Vol. 27, Iss. 3, MARCH 2021

Received: 1 February 2021

Received in revised form: 15 February 2021

Accepted: 1 March 2021

Available online: 30 March 2021

Subject Heading: Insurance

JEL Classification: G22

Pages: 540–560

https://doi.org/10.24891/fc.27.3.540

Ol'ga A. GRISHINA Plekhanov Russian University of Economics (PRUE), Moscow, Russian Federation
grishina.oa@rea.ru

https://orcid.org/0000-0003-1843-8185

Tais V. DRYUK Plekhanov Russian University of Economics (PRUE), Moscow, Russian Federation
tais-dryuk@yandex.ru

https://orcid.org/0000-0001-8070-4742

Subject. The article investigates indicators of certain segments of the Russian insurance market in 2020, key problems of the market functioning in the context of the coronavirus crisis, and possible solutions.
Objectives. Our aim is to identify key problems in the market functioning in conditions of the coronavirus crisis, propose measures to solve them, and specify the market growth drivers in the short term.
Methods. We perform a content analysis of available sources and use statistical data for the period under review.
Results. The study reveals that at the current stage of the Russian insurance market development, all its key growth drivers are associated with the sales channel of banks. This highlights imbalances in the structure of sales channels for insurance products, the underdevelopment of the direct sales channel, and, consequently, imbalances in the structure of the Russian financial market. It is obvious that the level of confidence of the Russian people in the banking sector is higher than in the insurance sector, and the sale of a significant share of insurance products stems from the requirements of banks when they sell their credit products.
Conclusions. The insurance sector is highly integrated with the banking sector. Furthermore, it is extremely susceptible to crisis phenomena in the credit market. To overcome this dependence, it is crucial to implement a set of measures to increase the level of insurance culture of the Russian people, their awareness of existing and newly created insurance products, the benefits of insurance, in combination with measures for boosting the effective demand.

Keywords: coronavirus, crisis, insurance market, banking, sales channel

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