Trends in the Development of the Russian Insurance Market

The article examines the trends in the Russian insurance market from 2005 to 2012. The paper presents the characteristics of Russian insurance companies are analyzed following data: the number of insurance organizations, the average number of insurance agents, the number of contracts, reviewed the financial performance of insurance companies from 2005 to 2012. Theoretical analysis. The paper shows that the collected insurance premiums are higher in mandatory insurance than in voluntary insurance. Results. The reason for this situation is the easier collection of insurance premiums in mandatory insurance. The authors identified and explained the reasons for the changes in the insurance market of Russia, during the financial crisis and after the crisis. Conclusions. The authors highlighted the need for modernization of the insurance business, reducing costs, improving attractiveness, quality insurance products, enhancing the competitiveness of the insurance companies. All of this research is the directions of improvements of insurance companies’ activity in the future and it will improve Russia’s practice of ensuring the financial sustainability of the insurance services’ portfolio.