implemented to combine the efforts of its
financial institutions in order to level risks of
participants in the insurance protection
system;
2) the Russian life insurance model is highly
dependent on external factors and, in order
to reduce this dependence it is necessary to
intensify the processes of convergence
between its financial institutions, thereby
achieving greater financial stability and
process stability;
3) the state level of the Russian life insurance
model provides protection against the risks
associated with reaching retirement age,
establishing disability and the death of the
insured person; in this regard, other risks
associated with the life cycle remain the
responsibility of the insured person;
4) despite the ongoing measures within the
framework of the pension reform and due to
their weak efficiency, the state level of the
life insurance model will continue to follow
the inertial development scenario;
5) private life insurance, within which non-
state pension funds and life insurers carry
out their activities, is a small but the fastest
growing level of the Russian model;
6) the instability of internal processes
introduces a certain instability into the
model, which, being in balance, does not
have a safety margin, since any small shock
may upset the balance, which will eventually
lead to the destruction of the system as such;
7) the weakness of intra-system relationships
due to the negative attitude of a fairly large
proportion of the population towards NPFs
and life insurers does not contribute to their
goals in providing comprehensive insurance
protection for the population, which, along
with low financial literacy of citizens,
weakens the potential of society;
8) the low efficiency of some elements of the
Russian life insurance model does not make
it possible to turn it into a strategically
important sector of the Russian economy,
which ensures an increase in the economic
stability of society, an increase in the social
protection of citizens and a decrease in
social tension in society through effective
insurance protection of the property interests
of citizens and business entities, attracting
investment resources to the country’s
economy.
As the analysis has shown, currently each level
of the Russian life insurance model functions
separately and it is often reflected in the
duplication of operations and competition for a
solvent client. In such relationships, in order to
“survive”, both segments seek to draw over the
financial resources of enterprises and citizens,
while not always being interested in the party
(the insured person) in whose interests they act.
It is necessary to use an integrated approach to
addressing life insurance issues in the process of
human capital reproduction, which involves
coordinating the processes related to cash flows
at different levels and having one goal – to
increase the duration and improve the quality of
life of the Russian population, while these
processes are not possible without active
participation of its main participant – an
individual whose interests are protected by the
actions of the mentioned insurers.
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