XV Международная студенческая научная конференция Студенческий научный форум - 2023

The insurance industry is one of the key components of the financial sector. Insurance plays an important social and economic role in all developed countries. In Russia, however, this industry has faced a number of obstacles and the growth of many types of insurance was slower than analysts expected.

The Russian insurance market occupies rather modest positions in comparison with other countries. Insurance premiums account for 1.4% of GDP, while the average for emerging markets is almost double that of 2.7% of GDP. On the other hand, it should be emphasized that the domestic insurance market has a huge potential for its development.

As for the field of insurance of financial risks, this area occupies the position of an underdeveloped type of insurance.

According to the analysis of data published by the Central Bank of Russia, the leaders in the Russian insurance market are life insurance against accidents (15%) and voluntary medical insurance for individuals and legal entities (14%). Next comes the auto insurance industry (OSAGO - 12%, CASCO - 11%). Financial risk insurance accounts for only 3% of the domestic market, which is a fairly low figure.

The main reason why the financial risk insurance industry is lagging behind is the tightening of asset quality requirements. Thus, the Central Bank of the Russian Federation revoked licenses from a significant number of players. In the first quarter of 2021, the licenses of 5 insurance companies and 1 mutual insurance company were revoked, of which 5 had their licenses due to voluntary resignation. The tightening of requirements for the quality of assets has led to the cleansing of the insurance market from the most financially unstable and unscrupulous players.

However, against the backdrop of the COVID -19 pandemic in Russia, there is an increase in demand for financial risk insurance. According to analysts, the number of contracts in this area increased by 67%, respectively, exceeding the mark of 10.7 million. The volume of premiums for the last year increased by 38% (+7.50 billion rubles) and amounted to 27.50 million rubles against 19.99 million rubles last year.

Another objective reason is that insurance companies are adapting to the new reality to varying degrees. Changing principles of consumer behavior, the emergence of new insurance products, coronavirus restrictions - all this affects the activities of insurers.

After analyzing the dynamics of total losses / profits from the realization of financial risks (Table 3), we can draw the following conclusions:

the activity of organizations of the agro-industrial complex and agriculture is one of the most risky for the study period. (losses at the end of the analyzed period amounted to 539 million rubles.) Such high rates are explained by seasonality inherent in the agro-industrial complex and dependence on many external factors.

the lowest loss rates are shown by enterprises in the financial sector and the IT sector. (during the analyzed period, the amount of losses amounted to 4 and 5 million rubles, respectively, which is 9 million rubles less than in 2019) These industries can be considered the most risk -resistant business entities.

in addition to risks in the agro-industrial complex, there are losses at enterprises in the food and processing industries (the amount of financial losses in these business entities in 2021 reached 384 million rubles). The main reason for this is the change in the relationship between the enterprises of this complex, due to changes in political and legal relations in the international arena.

However, it can be concluded that the unprofitability of financial risk insurance operations is at a rather low level compared to other insurance industries, which provides insurance companies with a certain level of profit. (не понимаю смысл этого предложения)

According to statistics, at the end of 2020 there are 113 companies engaged in financial risk insurance in Russia. Table 4 presents the rating of the largest insurance companies - the leaders that carry out the type of insurance under study, in terms of the volume of insurance premiums collected in 2020.

As can be seen from Table 4, the leader in this rating is SOGAZ JSC,the volume of collected premiums of which is 6992.78 million rubles, which is 40% of the entire market. Being in the second position, the insurance organization Atradius Rus Credit Insurance LLC is significantly inferior to it with the volume of collected insurance premiums, which is three times less - 2332.55 million rubles. (13.3% of the market).

Thus, to date, financial risk insurance is just beginning to develop in Russia. This industry is a profitable field of activity for modern Russian companies. However, it should be noted that the current conditions for insuring financial risks in the Russian insurance market are not as perfect, unambiguous and thoughtful as they could be with such an impressive potential of this industry.

Literature:

Features of the insurance market in the context of the COVID-19 pandemic. URL: https://cyberleninka.ru/article/n/osobennosti-strahovogo-rynka-v-usloviyah-pandemii-covid-19

Insurance market in Russia 2021: results of the first half of 2021.URL: https://calmins.com/rynok-strahovaniya-v-rossii-2021-rezultaty-pervogo-polugodiya-2021/

Insurance of financial risks: essence, main types. URL: https://vuzlit.ru/70883/strahovanie_finansovyh_riskov_suschnost_osnovnye_vidy