Assessment of the main trends in insurance development in Russia

Insurance has become one of the integral parts of the financial market today, as it is aimed at minimizing the risks arising in the process of production and economic activity. The decline in household incomes in recent years has contributed to a drop in demand for a number of voluntary insurance services, which can lead to market stagnation. Since market conditions remain the main condition for the development of the insurance business, during the period of intensifying manifestations of the economic crisis, the development of insurance in Russia may be at risk. The study assesses the main trends in the Russian insurance market in 2021-2023, identifies trends in the industry and their causes. It was found that in 2022, against the backdrop of a deteriorating economic situation, a decline was outlined, as a result of which the growth rate of the main market indicators slowed down significantly, but, however, already in 2023, the dynamic growth of the market resumed. At the same time, the total number of concluded insurance contracts is steadily growing and in 2023 amounted to 298 million, and the number of branches of insurers began to decline, which indicates the process of consolidation in the insurance market in the context of the crisis. In 2023, there was an increase in profits among profitable insurance organizations, and among unprofitable ones, there was a decrease in the amount of loss, which indicates an improvement in the situation. At the same time, the level of profitability of insurers by 2023 increased to 13.3%. An assessment of the key trends in the development of the insurance market over the past 3 years has shown that, despite the difficulties and economic aspects, the insurance business continues to develop steadily, maintaining an optimal level of profitability.