Insurance as a key factor of well-being of the state and its citizens
- Authors: Zakirova O.V.1
-
Affiliations:
- Volga State University of Technology
- Issue: No 1 (2024)
- Pages: 55-65
- Section: ФИНАНСЫ
- URL: https://ogarev-online.ru/2306-2800/article/view/296453
- DOI: https://doi.org/10.25686/2306-2800.2024.1.55
- EDN: https://elibrary.ru/QUZQGZ
- ID: 296453
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Abstract
Introduction. Insurance is part of the financial market and an indispensable instrument for reducing risks and ensuring financial security for individuals and companies. Different types of insurance coverage make it possible to protect property, health, liability, life and other assets against unforeseen events. Insurance plays an important role in safeguarding the economic and social stability of the state. Thanks to insurance, the level of confidence in a country's economy increases.
The purpose of the article is to explore the contribution of insurance to the implementation of the socio-economic function of the state.
Research methods – generalization of Russian practice, analysis of open data on the insurance market.
Interpretation of research results and their analysis. The Russian insurance market is undergoing gradual transformation. Market leaders and drivers are changing, business processes are improving. The insurance market mainly serves consumers in the banking sector. Bancassurance development can be observed.
For many years, the insurance market has been driven by life insurance. Compared to 2013, the life insurance market has showed a 6-fold increase. This reflects the citizens’ demand for low-risk investments, insurance protection after reaching a certain age or in the event of a major illness diagnosis. The second trend in the insurance market is the reduction of the pressure on the state through compulsory insurance of various types. In 2023, compulsory insurance accounted for 15% of the total market share. Compulsory Motor Third Party Liability Insurance (CMPTL or OSAGO) has the largest share (94.13%) of the overall mandatory insurance market. Other types of compulsory insurance are state insurance of life and health of military personnel and persons of equivalent status, insurance of the civil liability of a carrier for causing harm to the lives, health or property of passengers, etc. Collecting large volumes of insurance premiums measured in trillions of rubles, insurance companies finance the national economy by purchasing industrial and government securities.
Conclusion. Therefore, the range of insurance functions is much wider than it seems. It includes compensating for insurance damage, investing of available assets through life insurance, financing economic development at the company and state levels.
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About the authors
O. V. Zakirova
Volga State University of Technology
Author for correspondence.
Email: myholding@mail.ru
SPIN-code: 6504-3382
Candidate of Economic Sciences, Associate Professor at the Chair of Finance, Economics and Industrial Management
Russian Federation, 3, Lenin Sq., Yoshkar-Ola, 424000References
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