Modern problems and prospects for the development of the insurance market in the Russian Federation

The role of insurance in a person's life is undoubtedly great because it serves as the most effective tool in case of loss of property, health problems, business protection, etc. The purpose of the article is to assess the current state of the insurance market in Russia and identify problems that arise during its functioning. The research methodologyconsists in summarizing and comparing data characterizing various components of the insurance market. The article analyzes the current state of the insurance market in Russia with a falling number of insurers by more than 20 % over the past 3 years, the share of top insurers continues to grow every year, over the past 3 years the growth has amounted to 12 %. Calculations that indicate a change in the level of concentration in the insurance market of the Russian Federation have been made. Based on the results of the analysis, it was concluded that there is monopolistic competition in the market. The main factors influencing the level of competition in the market under consideration, namely, barriers to entry into the industry and their impact, were studied Due to the relevance of the research, the analysis of the impact the pandemic has on the Russian insurance market was carried out and the prospects for the development of the market were considered. Identifying the weaknesses of insurers made it possible to determine the priority areas for further development: intensive digital transformation of business, marketing, advertising.