Abstract
This article examines and analyses innovative opportunities for insurance development in Russia. Thanks to innovative opportunities in a new paradigm, it is possible to move from traditional insurance products to new ones, which in turn will become the basis for regional development. Based on the analysis of the current state of the insurance market, the authors have concluded that insurance products/services need to be continuously improved, which will allow insurance companies to increase the flow of insured, to maximize the financial results of insurance companies.
Highlights
The pandemic has forced many to rethink their views on life, the economy and protecting their financial well-being
There are a number of peculiarities in the current practice of insurance protection in Russia that have a negative impact on the development of innovative activity and the introduction of innovative insurance products
By analysing the innovative development of the insurance sector, the following conclusions and recommendations have been drawn: 1. innovative opportunities include the process of introducing new insurance products/services
Summary
The pandemic has forced many to rethink their views on life, the economy and protecting their financial well-being. We conclude that it is relevant and necessary to consider innovative opportunities for insurance development in the new paradigm as a tool for increasing financial sustainability in the Russian economy and reducing the risks of loss or minimisation of insurers' profits. There is currently no consensus on what the innovation is In our view, this is the reason why it is difficult to understand the concept from the perspective of different scientific fields.
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