CURRENT PROBLEMS OF THE RUSSIAN INSURANCE MARKET

Abstract

The Russian insurance market requires qualitative,quantitative and structural changes.The solution of problems related to the development of financial markets in Russia as defined in the Long-Term Socio-Economic Development Forecast for the Russian Federation till 2030 by the Russian Ministry of Economic Development requires radical improvement of the national insurance system. This article is devoted to the investigation into this problem. The article contains the results of a research carried out by the author on the subject “Regulation of the Insurance Market”, commissioned by the Russian Federation Government to the Financial University within the framework of budget financing, using fundamental and applied research works of Russian and foreign specialists. The reported research is based on Russian insurance market statistical data, statutory documents, insurance supervision data, information of the Economic Development Ministry, the Emergency Ministry, the Federal Statistics Service, foreign sources. Methods of system analysis have been employed. The article assesses the current state of the domesticinsurance market,identifies the main goals of the insurance market development strategy till 2020 including: not solved problem of life insurance, creation of a mega-regulator, problems of the Russian insurance market integration into the world economy. The article reveals disparities in the Russian insurance market, complex problems of interaction with the consumers of insurance services, systemic problems of insurance companies and infrastructure. The findings of the research may be used by Russian state insurance supervisors,the corporate sector and analysts in building up the strategy and tactics of insurance companies to enhance competitiveness in the reorganization of the national insurance market.