Features of the development of the regional insurance market in the conditions of the crisis

In recent years, the insurance market has shown high dynamics of development, which was characterized not only by the growth of the total amount of insurance premiums, revenues and profits of insurers. At the same time, the deterioration of the socio-economic situation in recent years can have a negative impact on the development of the insurance market, since in the context of the economic downturn and crisis against the backdrop of forced financial savings, the expected result is a decline in demand for insurance products, especially for voluntary types due to their optionality. At the same time, the reduction in demand is observed to the greatest extent for individuals due to a decrease in real incomes of the population against the backdrop of the crisis and the pandemic. In the course of the study, an assessment is made of the features of the development of the regional insurance market in a crisis on the example of the Kursk region, the prevailing trends and their causes are identified. It has been established that the total number of organizations in the insurance market of the Kursk region has been steadily decreasing over the past 5 years, as a result of which today there are 226 organizations in the region, among which almost half are small businesses. Despite the fact that, nominally, the total turnover of insurance companies in the region grew steadily in the period under review, the evaluation of the data in comparable prices showed that in the last 2 years there has been a decrease in the indicator. In general, we can conclude that 2020-2021. became a period of recession in the insurance market of the Kursk region, which is largely due to the deterioration of the socio-economic situation in the region and the country as a whole.