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Analysis of the Development Dynamics and Trends of the Insurance Market

Author

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  • Moroshkina, Marina V.

    (Institute of Economics - Separate Association of the Federal Research Center “Karelian Scientific Center of the Russian Academy of Sciences”)

Abstract

The article analyzes the behavior and trends of the insurance market of the Russian Federation during a pandemic. The transformation of the terms of business changed the forms and processes of the insurance business, which dynamically responded to the changed conditions. Insurance companies reacted differently to the period of restrictions associated with the COVID-19 pandemic. The study of the main areas of insurance activities and organizations that have overcome the transformation and were able to develop steadily determines the purpose of this study. Assessing the activities of the insurance market by the authors, special attention is paid to the needs that arise in the market and the analysis of more demanded areas of insurance activity. The information basis for the study was statistics presented by Rosstat, as well as data from the Bank of Russia. Based on analytical studies and comparative analysis, the results of evaluating the efficiency of certain areas of the insurance industry were obtained. System analysis methods made it possible to compare the obtained results of the insurance market and the economic situation in the country. The assessment of insurance performance indicators during the studied time period from 2019 to 2021 made it possible to assess the impact of the COVID-19 pandemic on development indicators and made it possible to investigate the degree of impact on industry indicators. Within the framework of the results obtained, trends in the development of the insurance industry and possible directions for further development were determined. The importance of state support measures and the importance of developing comprehensive measures that can provide the insurance industry with opportunities and directions for economic development during a period of economic instability are noted.

Suggested Citation

  • Moroshkina, Marina V., 2023. "Analysis of the Development Dynamics and Trends of the Insurance Market," Journal of Modern Competition, Synergy University, vol. 17(2), pages 42-52.
    • Handle: RePEc:snr:mdrcmp:v:17:y:2023:i:2:p:42-52
    DOI: 10.37791/2687-0657-2023-17-2-42-52
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