The Impact of Demographic Transformations on the Development of Life Insurance Markets in BRICS Countries

The article is devoted to the study of the impact of demographic transformations on the development of life insurance markets in the BRICS countries in the period 2014-2022. Based on the analysis of data from the World Bank and national statistics of the BRICS countries, the features of the development of insurance systems in the context of demographic transformations have been studied, as well as the main challenges and opportunities for the insurance market in this context. The main attention is paid to the comparative analysis of demographic indicators (total fertility rate, life expectancy, population dynamics) and their relationship with the dynamics of insurance markets. The purpose of this study is to formulate practical recommendations for the development of the life insurance market in the BRICS countries based on an analysis of demographic trends. In accordance with this goal, the following tasks have been set: to analyze the development of life insurance markets in the context of demographic challenges, identify key demographic trends in the BRICS countries, and propose differentiated measures to optimize the life insurance market for the BRICS countries, taking into account the identified demographic challenges. The study revealed a differentiation of countries: China, Russia and Brazil have entered a phase of active aging, while India and South Africa retain a younger population structure. It has been revealed that demographic changes create new challenges and opportunities for the insurance sector, generating demand for pension and savings products. A set of differentiated recommendations has been developed for government agencies and insurance companies, including tax incentive measures, product diversification, digitalization, and the development of interstate cooperation within the framework of BRICS. The implementation of the proposed measures will make it possible to transform demographic challenges into drivers of growth in the life insurance market and improve the well-being of the population. The identified features of the formation of demand for insurance products can also be used in the future to develop strategies for the interaction of economic agents in the market in conditions of limited resources.