The main trends in the development of the insurance market in Russia

The specific features of insurance markets in the regions determine the overall level of socio-economic well-being as one of the factors of their development. This is due to the fact that the higher the standard of living of the population and business activity in business, as well as the more extensive the list of economic activities is, the more various kinds of risks arise in the implementation of this activity, which creates demand for insurance services. The study evaluates the main trends in the development of the Russian insurance market in 2020-2022, identifies the current trends and their causes. It has been established that the main trend of the last 3 years for the domestic insurance market is a decrease in the total number of insurance companies and their branches, which is associated with a deterioration in the economic situation and a decrease in the effectiveness of insurance activities. Despite this, the insurance market continues to develop, as the total number of contracts concluded, as well as the volume of insurance premiums and payments, is growing. The deterioration of the economic situation combined with an increase in costs for insurers has formed one of the most significant problems - the need to maintain a competitive price level for insurance products while ensuring an optimal level of profitability of insurers and preventing the formation of a high level of loss-making insurance activities.