Life insurance: social and economic significance in the Russian insurance market

The development of the life insurance segment plays an important role in the socio-economic system of Russia, contributing to its stability and growth. The purpose of this paper is to study the significance of life insurance in the Russian insurance system. The main types of life insurance are considered, as well as trends in the development of this insurance product. The topic is relevant due to the need to support the insurance system, especially during the period of exposure to COVID-19. The scientific novelty of the paper consists in the analysis of the current state of the life insurance segment in the context of the global economic crisis caused by the pandemic. The author draws conclusions about the main problems faced by insurance companies in modern socio-economic conditions, suggests measures to minimize negative consequences, as well as options for the development of the life insurance segment, which can increase the rate of demand for this insurance product. The content and conclusions of the study are of interest to insurance specialists, as well as researchers studying various sectors of the Russian economy.