The development of the insurance market in the region in the conditions of increasing crisis

Insurance acts as a financial stabilizer of the economy, since it allows you to compensate for the damage that occurs in the process of production and economic activity. The deterioration of the economic situation against the background of the intensification of the crisis caused by the pandemic led to a decline in the insurance market, a decrease in the turnover and profits of insurers. At the same time, there was a change in the structure of the insurance market: a number of areas of voluntary insurance were practically not in demand, only mandatory types of insurance managed to maintain a stable position. The study assesses the development of the insurance market of the Kursk region in the context of the intensification of the crisis, identifies the trends that have developed under the influence of the crisis and their causes. It is established that in the conditions of the crisis, the insurance market of the Kursk region is in a state of stagnation, which is confirmed by a reduction in the total number of market participants by more than 25%. In 2022, 214 insurance business entities are being read in the region, and the average wage level in the industry has increased to 57.4 thousand rubles. The share of the insurance industry in the total GRP structure of the Kursk region is only 0.2% and is insignificant. There was also a decline in investment support for the industry: the share of investments in fixed assets decreased from 0.4% to 0.1%. In general, the current situation in the insurance market of the region is characterized by the persistence of negative trends caused by the intensification of the economic crisis.