Foreign Trade Risk Insurance as a Tool of Insurance Security and a Factor in the Growth of the Russian Market

The article is devoted to the analysis of the impact of insurance development for risks associated with modern foreign economic activity on insurance security and the structure of the Russian Federation’s insurance market. The author introduces and conceptually substantiates the original term "insurance security of foreign economic activities" as an integrated characteristic of the state of the insurance system and institutional environment that ensures: stable and adequate insurance coverage of key foreign trade risks; resilience of insurance protection mechanisms to geopolitical and sanctions shocks; the availability of instruments for compensating large-scale losses without critically undermining export potential and financial stability. Based on the analysis of transformation in Russia’s foreign economic activity, changes in the profile of foreign trade risks, and dynamics of insurance market segments related to foreign economic activities, it is shown that insurance of foreign economic activities becomes one of the key elements providing insurance security and a driver of structural shifts within the insurance market. Limitations of insurance development are identified. Practical recommendations aimed at further developing insurance for foreign economic activities are formulated for government authorities, Bank of Russia, insurance companies, and participants in foreign economic activities.