Contemporary issues and prospects for the development of Russian insurance business

Insurance is a strategic direction of the state activity, which makes it possible to minimize or eliminate economic losses and maintain economic sovereignty. Insurance is a powerful tool for regulating the economy and one of the promising areas of the Russian financial market, as evidenced by the volume of operations in the insurance market and the tasks defined in the strategy for the development of insurance in the Russian Federation until 2020: ensuring the continuity of the production process and compensation for losses of enterprises at the expense of insurance organizations, without emergency allocation of resources from budgetary funds and extra-budgetary funds; prevention and reduction of possible damage in insurance events; ensuring social and economic stability; ensuring the effectiveness of the system of social security and state support[9]. Implementation of the tasks defined by the insurance development strategy will bring the insurance industry of the Russian Federation to a new branch of development. The Russian insurance market is not fully developed and has great prospects. Monitoring of the insurance market complicates the forecast of its development at the present time. In addition, the prospects for the development of the Russian insurance market are due to the unstable state of the economy: the volatility of the currency unit, variable inflation, the absence of the field of use of temporarily free money, not effective use of the already underdeveloped financial markets, minimizing the availability of investment objects, the lack of growth in real incomes of the population, reducing the purchasing power of the population, the lack of an all-encompassing and systemic nature of the regulatory framework for insurance. In the Russian Federation, at this stage, a significant number of promising and strategic decisions have been made in the field of state regulation of insurance, but the problems of development of the insurance industry with a detailed analysis of the state of Affairs in the insurance market remain and require a comprehensive solution that will allow the insurance system to develop effectively and efficiently perform all Analysis of the situation in the industry, taking into account the objectives outlined in the strategy and prospects for the development of this industry in our country, made in the article allows us to assess the existing place of insurance in the Russian economy and to assume the main trends in the development of insurance in Russia in the future.