Factors for the effective functioning of the regional insurance markets in Russia

The article investigates the specifics of the functioning of the insurance market in Russia and the regions. Factors are structured and problems of regional development of insurance are revealed. The intensive growth of life insurance against the background of reduction of property types of insurance is revealed. The mechanism of mutual influence of economic and geographical features of development of the region and its insurance market is traced. It is shown that the development of the insurance business is influenced by the economic development of the region. In the applied aspect, the analysis is carried out in the context of federal districts. In particular, the comparison of GRP and insurance premiums is presented, the regional structure of insurance premiums by types of insurance is analyzed. It is revealed that the level of development of voluntary insurance dominates the insurance market of the Central federal district. The least developed market is the North Caucasus federal district, but other federal districts are characterized by extremely low rates of insurance premiums, payments and unstable level of payments. The regional problem is the lack of registered insurance entities in most regions. This entails the lack of differentiated policies of insurers in the regions and overestimation of the cost of insurance. This situation is due to the limited demand for voluntary insurance and related intermediary services. An obstacle to the development of insurance in the regions is the poor quality of insurance services, which is confirmed by the statistics of complaints of policyholders against the subjects of insurance business. In turn, the limited economic potential of regional insurance has a negative impact on the socio-economic development of the region, since enterprises and citizens do not receive full insurance coverage, and the regions do not have investment resources.