Theoretical aspects of property insurance and the issues of its development

The insurance market is an essential element of the full-fledged functioning of the economic systems of countries with developed market economies. So, nowadays insurance can be called an important and necessary tool to ensure overall economic stability and security, business development and business continuity, effective protection against numerous natural, man-made and other risks, and the implementation of state social policy. The structure and organization of insurance business can effectively solve some of the problems of our society and become one of significant factors affecting the economy. As for property insurance, it occupies a large part of the insurance market, and in its economic essence is expressed in reducing the risks of loss of property of individuals and legal entities in case of an insured event. Its specifics are connected with each type of property insurance. The goals of the article are to study and systematize the theoretical foundations of property insurance and the problems of its development. The scientific novelty of the study consists in obtaining the following results. By means of quantitative indicators and qualitative characteristics the place of property insurance in the insurance market is defined, its classification is studied. The study systematizes approaches to determining the object of property insurance and identifies the main controversial points. The reasons influencing the development of property insurance in Russia are allocated, and key ways of their elimination are designated. In our opinion, these materials can be useful both for researchers dealing with issues and problems of insurance development, and for consumers of insurance services in order to improve the level of insurance culture and financial literacy. In future works it is expected to address the issues of digitalization and innovation in the insurance industry, in particular, to investigate insurtech trends, as well as to identify the impact of IT technologies on the insurance industry.