Развитие рынка банкострахования Российской Федерации в современных условиях

Abstract

The instability of modern economy forces economic entities to revise their business development strategies and risk management methods. As a result, financial intermediaries (banks and insurance companies) as financial market participants are cooperating to carry out joint activities and solve emerging problems. This leads to the development of bancassurance, one of the most promising ways to advance the Russian financial market. The purpose of the study is to analyze the bancassurance market and identify prospects for its development. The authors provide various definitions for the bancassurance concept, propose a new definition, and consider the interaction models as well as advantages and disadvantages of interaction between banks and insurance companies. To study the bancassurance market the researchers used statistical data of the Central Bank of the Russian Federation and the RAEX Rating Agency for 2012–2020. The authors examined the structure and dynamics of the market as a whole and by segments. The bancassurance accounts for more than a third of the total insurance market volume and continues to grow. The structure of the bancassurance market has radically changed since 2012. The least developed segment is bank risk insurance, most of which is devoted to insurance of bank employees. Non-credit insurance is the most developed, but its share is gradually decreasing. Credit insurance is less developed, but its share is steadily growing due to life and health insurance of consumer loans borrowers..