Assessment of the financial stability of the Russian life insurance model
Keywords:
life insurance, state life insurance, private life insurance, pension insurance.
Abstract
Life insurance is one of the effective mechanisms of protection against social risks. This product can protect a person in case of disability, provide medical care, increase cash savings. In Russia, in the context of a decrease in the financial capabilities of the state, fragmentation and unsystematic decision-making in the field of life insurance regulation, fundamental changes are being made in the life insurance system. A natural consequence of this situation was a downward trend in some indicators of the development of the Russian life insurance model. The research purpose is to assess the financial stability of the life insurance model used in Russia. As a result of the study, the features of the Russian life insurance model were revealed and its strengths and weaknesses, challenges and threats were identified on the basis of a SWOT analysis; the main factors influencing the balance of financial flows of the Russian life insurance model were identified; an assessment of the financial stability of the Russian life insurance model was carried out.
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References
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Central Bank of the Russian Federation (2021a). Review of key indicators of insurers 2020. Moscow: CB of RF Press. https://www.cbr.ru/Collection/Collection/File/32073/review_insure_20Q4.pdf (in Russian)
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Hemrit, W., & Nakhli, M.S. (2021). Insurance and geopolitical risk: Fresh empirical evidence. The Quarterly Review of Economics and Finance, 82, 320-334. https://doi.org/10.1016/j.qref.2021.10.001
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Odinokova, T.D. (2019). Russian Insurance Market: Federal, Regional Measures and Self-Regulation. Journal of Advanced Research in Law and Economics, 9(8), 2709-2720. https://journals.aserspublishing.eu/jarle/article/view/4126
Odinokova, T.D., & Istomina, N.A. (2018). Transition of insurance market to oligopoly: benefits and drawbacks. Academy of Accounting and Financial Studies Journal, 22(3). https://www.abacademies.org/articles/transition-of-insurance-market-to-oligopoly-benefits-and-drawbacks-7288.html
Pension Fund of the Russian Federation (2021). Annual Report 2020. Moscow: Pension Fund Press. https://pfr.gov.ru/files/id/press_center/godovoi_otchet/annual_report_2020.pdf
Pinkovetskaia, I., Arbeláez Campillo, D., Rojas Bahamón, M., Gromova, T., & Nikitina, I. (2019). Female entrepreneurship development in the Russian Federation. Amazonia Investiga, 8(18), 111-118. Retrieved from https://amazoniainvestiga.info/index.php/amazonia/article/view/287
Rudometova, A.V., & Kartamysheva, N.V. (2015). The history of life insurance of Soviet citizens. Innovative Science, (6), 141-143. https://cyberleninka.ru/article/n/istoriya-strahovaniya-zhizni-sovetskih-grazhdan (in Russian)
Sabitova, N., Kulakova, S., & Sharafutdinova, I. (2015). Non-State Pension Funds in the Retirement Insurance System of the Russian Federation: Trends and Prospects. Procedia Economics and Finance, 27, 224-229. https://doi.org/10.1016/S2212-5671(15)00994-6
Shi, X., Wang, H.-J., & Xing, C. (2015). The role of life insurance in an emerging economy: Human capital protection, assets allocation and social interaction. Journal of Banking & Finance, 50, 19-33. https://doi.org/10.1016/j.jbankfin.2014.08.028
Valentina-Daniela, C., & Gheorghe, O. (2015). Potential Buyers’ Attitude towards Life Insurance Services. Procedia Economics and Finance, 32, 1083-1087. https://doi.org/10.1016/S2212-5671(15)01571-3
Central Bank of the Russian Federation (2021a). Review of key indicators of insurers 2020. Moscow: CB of RF Press. https://www.cbr.ru/Collection/Collection/File/32073/review_insure_20Q4.pdf (in Russian)
Central Bank of the Russian Federation (2021b). Review of key indicators of non-state pension funds 2020. Moscow: CB of RF Press. https://cbr.ru/Collection/Collection/File/32250/rewiew_npf_20Q4.pdf (in Russian)
Decree No. 2425-r. Strategy of Long-Term Development of the Pension System of the Russian Federation. Government of the Russian Federation of 25 December 2012. https://mintrud.gov.ru/docs/government/174 (in Russian)
Faust, R., Schmeiser, H., & Zemp, A. (2012). A performance analysis of participating life insurance contracts. Insurance: Mathematics and Economics, 51(1), 158-171. https://doi.org/10.1016/j.insmatheco.2012.03.004
Hemrit, W., & Nakhli, M.S. (2021). Insurance and geopolitical risk: Fresh empirical evidence. The Quarterly Review of Economics and Finance, 82, 320-334. https://doi.org/10.1016/j.qref.2021.10.001
International Association of Insurance Supervisors (2021). Global insurance market report 2021. Basel, Switzerland: IAIS Press. https://www.iaisweb.org/activities-topics/financial-stability/gimar/
Joulfaian, D. (2014). To own or not to own your life insurance policy? Journal of Public Economics, 118, 120-127. https://doi.org/10.1016/j.jpubeco.2014.07.004
Nusratullin, I., Mrochkovskiy, N., Yarullin, R., Zamyatina, N., & Solntseva, O. (2021a). The Financial Implications of the Coronavirus COVID-19 Pandemic: A Review. Cuestiones Políticas, 39(68), 325-342. https://doi.org/10.46398/cuestpol.3968.20
Nusratullin, I., Yarullin, R., Ismagilova, T., Eremeeva, O., & Ermoshina, T. (2021b). Economic and financial results of the USA and the European Union sanctions war against Russia: first results. Cuestiones Políticas, 39(68), 251-272. https://doi.org/10.46398/cuestpol.3968.16
Odinokova, T.D. (2019). Russian Insurance Market: Federal, Regional Measures and Self-Regulation. Journal of Advanced Research in Law and Economics, 9(8), 2709-2720. https://journals.aserspublishing.eu/jarle/article/view/4126
Odinokova, T.D., & Istomina, N.A. (2018). Transition of insurance market to oligopoly: benefits and drawbacks. Academy of Accounting and Financial Studies Journal, 22(3). https://www.abacademies.org/articles/transition-of-insurance-market-to-oligopoly-benefits-and-drawbacks-7288.html
Pension Fund of the Russian Federation (2021). Annual Report 2020. Moscow: Pension Fund Press. https://pfr.gov.ru/files/id/press_center/godovoi_otchet/annual_report_2020.pdf
Pinkovetskaia, I., Arbeláez Campillo, D., Rojas Bahamón, M., Gromova, T., & Nikitina, I. (2019). Female entrepreneurship development in the Russian Federation. Amazonia Investiga, 8(18), 111-118. Retrieved from https://amazoniainvestiga.info/index.php/amazonia/article/view/287
Rudometova, A.V., & Kartamysheva, N.V. (2015). The history of life insurance of Soviet citizens. Innovative Science, (6), 141-143. https://cyberleninka.ru/article/n/istoriya-strahovaniya-zhizni-sovetskih-grazhdan (in Russian)
Sabitova, N., Kulakova, S., & Sharafutdinova, I. (2015). Non-State Pension Funds in the Retirement Insurance System of the Russian Federation: Trends and Prospects. Procedia Economics and Finance, 27, 224-229. https://doi.org/10.1016/S2212-5671(15)00994-6
Shi, X., Wang, H.-J., & Xing, C. (2015). The role of life insurance in an emerging economy: Human capital protection, assets allocation and social interaction. Journal of Banking & Finance, 50, 19-33. https://doi.org/10.1016/j.jbankfin.2014.08.028
Valentina-Daniela, C., & Gheorghe, O. (2015). Potential Buyers’ Attitude towards Life Insurance Services. Procedia Economics and Finance, 32, 1083-1087. https://doi.org/10.1016/S2212-5671(15)01571-3
Published
2022-10-10
How to Cite
Odinokova, T., Kharitonovich, A., Shlekene, E., Yarullin, R., & Shvedova, N. (2022). Assessment of the financial stability of the Russian life insurance model. Amazonia Investiga, 11(55), 285-296. https://doi.org/10.34069/AI/2022.55.07.30
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