Regional Insurance Markets Of The Russian Federation: Fficiency, Factors, Risks

CHERNOVA GALINA VASILYEVNA , PROKOPJEVA EVGENIA LEONIDOVNA, KHALIN VLADIMIR GEORGIEVICH, KUZNETSOVA NATALIA PETROVNA and KALAIDA SVETLANA ALEKSANDROVNA

Abstract:

The general state of the Russian insurance market is characterized by the functioning of its regional segments, so the problem of analyzing their condition and effectiveness is relevant. Regional insurance markets (RIM) should provide the region with insurance coverage against risks in terms of content and in an amount that meets the region's needs for it (the first strategic goal of the functioning and development of RIM). At the same time, the regional insurance market functions as an independent segment of the regional economy and therefore it is interested in making a profit (the second strategic goal of the functioning and development of RIM). The degree of achievement of the goals characterizes the effectiveness of the functioning of RIM. The article discloses two criteria for the effectiveness of the functioning and development of RIM related to the achievement of these strategic goals.

The effectiveness of the functioning of RIM is influenced by many factors of different levels, the study of which is also paid attention to in the article. The proposed division of factors into two groups - positively and negatively affecting the development of RIM, allowed us to divide the negative factors into two parts - already implemented and those that can be implemented. The latter determined the ability to describe potential negative factors through risks.

The identification of factors and risks of the functioning of RIM is advisable because management aimed at enhancing the impact of positive factors, reducing the impact of negative factors and preventing the implementation of risks will help to increase the effectiveness of RIM. The proposed approach to determining the effectiveness of RIM, to grouping factors and identifying risks, can be used to increase the effectiveness of RIM. The results obtained can also be used to develop and implement national and regional strategies for socio-economic development, including the use of insurance as an institution of social and financial protection against risks.