Disproporations and Development of Regional Insurance Markets and Managing Them

The current stage of development of the Russian insurance market in most regions is accompanied by imbalances in its development — a mismatch between the level of development of the regional insurance market and the needs of the region for insurance protection, as well as large deviations of insurance indicators at the regional level from their reference values, for example, the best or average across the insurance market countries. Therefore, the study of the causes of such imbalances, as well as the development of managerial decisions to reduce and eliminate them, is extremely relevant. The article contains an analysis of imbalances in the development of regional insurance markets and their respective regions, as well as a list of measures to reduce them. It also contains an analysis and assessment of imbalances in the development of regional insurance markets (RIM) due to deviations in the real quality and cost of services provided by the region from the reference ones. Particular attention is paid to identifying regional risks that determine the types of insurance that are priority for the region in question. The study used the method of experimental comparative analysis, deduction and statistical methods. The proposed approach to identifying imbalances in the development of RIM and the formation of managerial decisions to reduce them can be used to increase the effectiveness of the functioning of RIM, assessed by the two proposed criteria. The results of the work can 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.

the effectiveness of the regional insurance market, the strategic goals of the functioning of the regional insurance market, imbalances in the development of the regional insurance market, the factors of functioning and development of the regional insurance market, regional risks, ways to reduce the imbalances in the functioning of the regional insurance market

1. Alyakina D. P., Kaigorova G. N., Purkova G. H. Peculiarities of risk management of the regional insurance company // Kazan Economic Journal [Kazanskii ekonomicheskii vestnik]. 2018. № 2 (32). P. 12–18. (In rus)

2. Belozerov S. A., Chernova G. V., Kalayda S. A. Modern factors of development of the Russian insurance market // Insurance business [Strakhovoe delo]. 2018. № 6. P. 31–35. (In rus)

3. Vorontsov P. G. The influence of insurance companies on the development of the regional economy in the Russian Federation // Economics and entrepreneurship [Ekonomika i predprinimatel’stvo]. 2014. №7. P. 279–285. (In rus)

4. Efimov O. N., Kochubey I. A. Insurance market and insurance business: the problem of regional differentiation // Insurance business [Strakhovoe delo]. 2017. № 5. P. 13–19. (In rus)

5. Kalayda S. A., Chernova G. V. Application of world experience in accounting for insurance risks in the activities of Russian insurers. Collection of materials of the III International Scientific and Practical Conference “Innovative Directions of Development of the Insurance Market of Ukraine” on April 19-20, 2016 Kiiv, KHEY. P. 134,137. (432 p.) (In rus)

6. Kirillova N. V. Improvement of regional insurance policy in 2018,2020 // Economics. Taxes. Law [Ekonomika. Nalogi. Pravo]. 2018. V. 11. № 1. P. 83–88. (In rus)

7. Orlanyuk-Malitskaya L. A. Regional Insurance: Theoretical Aspect // Insurance business [Strakhovoe delo]. 2017. № 9. P. 49–55. (In rus)

8. Prokopieva E. L. Sources and mechanisms of improvement of regional efficiency of insurance. Novosibirsk: ANS “SIBAC. 2018. 208 p. (In rus)

9. Rybin V. N., Skobeleva I. P. State regulation of insurance activities in the regions of the Russian Federation on the basis of targets and indicators // Economics and governance in the 21st century: science and practice [Ekonomika i upravlenie v XXI veke: nauka i praktika]. 2015. № 2. P. 113–125. (In rus)

10. Insurance and risk management: textbook for bachelor ‘s degrees/G. V. Chernova [et al]; Under ed. of G. V. Chernova. M.: Urait, 2019. 767 p. (In rus)

11. Insurance and Risk Management: Problems and Prospects: Monograph / Arkhipov A. P., Bazanov A. N., Belozerov S. A. [et al]; Under ed. of S. A. Belozerov, N. P. Kuznetsova. Moscow: Prospect, 2017. 528 p. (In rus)

12. Tarasova Yu. A., Voskovskaya E. S., Yarusova K. V. Assessment of regional insurance markets and their impact on the Russian insurance market // Insurance business [Strakhovoe delo]. 2018. № 10 (307). P. 36–53. (In rus)

13. Chernova G. V., Pisarenko Zh. V., Kuznetsova N. P. Factors, prerequisites and parameters of financial convergence // Insurance business [Strakhovoe delo]. 2017. № 3. P. 3–13. (In rus)

14. Blake D. Longevity risk and capital markets: The 2011–2012 Update // Journal of Risk and Insurance. 2013. Vol. 80. Is. 3. P. 495–500.

15. Gaganis C., Hasan I., Papadimitri P., Tasiou M. National culture and risk-taking: Evidence from the insurance industry // Journal of Business Research. 2019. Vol. 97. Is. 4. P. 104–116.

16. Kuznetsova N. P., Chernova G. V., Prokopjeva E. L., Boldyreva N. B. Governance of factors for the regional insurance market development (evidence from Russia) // Problems and Perspectives in Management. 2019. Vol. 17. Is. 3. P. 492–507.

17. Laux C., Muermann A. Financing risk transfer under management problems: mutual versus stock insurers // Journal of financial intermediation. 2010. Vol. 19. Is. 3. P. 333–354.

18. Mnykh M. V. Competition in the insurance market of Ukraine and the peculiarities of its control. Priority research areas Collection of scientific articles. 2017. P. 79–94.

19. Mohy ul din, S., Regupathi, A., Abu-Bakar, A. Insurance effect on economic growth–among economies in various phases of development //Review of International Business and Strateg. 2017. Vol. 27. Is. 4. P. 501–519.

20. Njegomir V., Stojić D. Does insurance promote economic growth: The evidence from ex-Yugoslavia region // Ekonomska misao i praksa. 2010. P. 31–48.

21. Porrini D. Regulating big data effects in the European insurance market // Insurance Markets and Companies. 2017. Vol. 8. Is. 1–16. P. 6–15.

22. Zheng Hui, Zhao Xin. The dynamic relationship between insurance development and economic growth // New evidence from China’s coastal areas. 2017. Vol. 11. Is. 5. P. 102–109.