Russian insurance market: Current state and prospects for development

Abstract

The review describes the content and main results of the work of the traditional annual international
insurance conference, which was organized by the All-Russian Union of Insurers, the only self-regulatory organization in the insurance market, and St Petersburg State University for teachers of economic disciplines of universities and colleges of the Russian Federation and neighboring countries. The conference was attended by representatives of the legislative (State Duma of the Russian Federation) and executive (Ministry of Finance of Russia) authorities. In addition to the current state of the insurance market, both global and Russian, forecasts and models of its development in modern conditions, a wide range of problems regarding certain types of insurance and reinsurance was also considered. Particular attention was paid to the implementation of the principles of sustainable development in the activities of insurance companies in the Russian economy. The consequences of the general digitalization of society for organizing the efficient operation of insurance companies, improving the quality of services provided to customers, developing fundamentally new insurance products, methods and channels for bringing them to consumers were comprehensively analyzed. The participants also discussed the problems of teaching students insurance disciplines and training personnel for insurance, organizing the educational process in the system of secondary vocational education, interaction between universities and colleges, educational institutions and insurance companies, and improving the financial literacy of the population. During the work of the postgraduate seminar, presentations were made by both young scientists from Russia and representatives of the People’s Republic of China and the Syrian Arab Republic.

Keywords:

insurance, insurance science, insurance market, reinsurance, health insurance, liability insurance, insurance companies, digitalization of the economy, sustainable development, training of insurers, financial literacy