The role of insurance protection mechanisms in ensuring food security in Russia

One of the most important problems for modern society is ensuring food security. Only efficiently working agriculture can serve as a fundamental basis for its solution. Comprehensive and objective risk assessment is of fundamental importance for the agro-industrial complex. The conditions and results of economic activity in agriculture depend significantly on random factors. In this regard, the use of agricultural insurance programs is of particular importance in addressing the issues of minimizing unforeseen financial losses. As part of the study, an attempt was made to substantiate scientifically the importance of agricultural risks insurance in ensuring food security. A comprehensive analysis of the current state of agricultural insurance is carried out. The main trends in the functioning of the agricultural insurance market have been determined. The assessment of the dynamics of the main parameters of the market segment is given. Based on a retrospective analysis, the main constraints have been identified. It was found out that the main problems are: underdevelopment of the regulatory and methodological base, insufficient demand from policyholders due to their difficult financial condition and high cost of insurance, low interest of a significant part of insurance companies, underdevelopment of insurance products, insufficiently effective government support measures, and others. It is concluded that agricultural insurance has not yet become a financial instrument to minimize economic risks for the majority of farmers, and the existing system is not effective enough. It was revealed that agricultural insurance prevails under the conditions of state support. Based on the results of our studies some measures were outlined to improve agricultural insurance. It is noted that this method of risk management has significant potential, and its further development will contribute to increasing the sustainability and investment attractiveness of domestic agribusiness, as well as solving the problem of providing the population with high quality agricultural products in the required volumes.