Prerequisites for the formation and main stages of insurance development

The paper is aimed at formation and the analysis of stages of insurance development for generalization and systematization of experience, as well as adaptation to current economic conditions and the development of economic relations. The processes of development of economic relations are based on the operation of objective economic laws, which determines the general principles of their organization. To form scenarios of their further effective development, it’s necessary to investigate in detail the historical experience of their operation, establish laws of development and take into account the possible consequences of the implementation. The relevance of the conducted study is growing in terms of building a new paradigm of economic development of the country, because it contains a lot of valuable information for the current practice of insurance business. Objective and subjective factors have become the basis for the occurrence of insurance: presence of hazards that can cause property or material damage, the occurrence of which cannot be prevented (objective factor); appearance of fear for the safety of material and intangible benefits of personal (subjective factor); need and desire of people to fight with hazards using available methods and ways, preventing and eliminating harmful consequences (a combination of objective and subjective factors).