Problems and Prospects for the Development of Russian Population Insurance Against Emergencies

Abstract

Insurance is one of the most effective mechanisms for ensuring the economic security of citizens and business entities from the negative manifestations of potentially possible and existing internal and external threats. However, the Russian insurance market demonstrates a rather low level of demand for insurance services against the risks of emergencies (ES) among individuals. The purpose of the study is to identify whether the Russian commercial insurance market can compensate for the damage from the negative manifestation of emergency risks, what factors hinder it, and suggest areas for its improvement. The use of theoretical approaches and concepts for the development of the insurance system made it possible, at a fairly high scientific level, to explore the possibilities of the Russian insurance market in ensuring the safety of the life of individuals. According to the results of the study, it was proved that in Russia the financial damage from the negative manifestation of the risks of emergencies is a significant burden on the state budgets of various levels. The revealed regional disproportions in the insurance market confirm the lack of insurance products from commercial insurers that take into account regional needs and financial capabilities of insurers. Unreasonably high prices for insurance services at a low level of income of the population generate a lack of interest of citizens in insurance. Based on the results of the study, a proposal was substantiated for the digital transformation of the insurance market, which will create affordable, high-quality, and safe services that take into account a huge range of risks and provide insurers with a set of new technological tools to minimize them.