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Abstract
Background of the study: The economic activity of business entities is almost always associated with a particular turnover of property, assets. By making such transactions, entrepreneurs can be exposed to dangers. Therefore, today, in times of not only large man-made disasters, pandemics, the main tasks of any subject of the economic market include not only making a profit, but also preserving property and capital in integrity. Purpose of the study: To define property insurance as a type of economic activity, establish a balance of interests of insurance business participants, identify unresolved issues and propose ways to improve legislation in the sphere of insurance. Methods: The methodological basis of the research is a set of general scientific and private scientific methods of research activity, including historical, formal logic, the method of system analysis, scientific research, comparative legal, statistical, functional and structural, methods of analysis and synthesis, as well as empirical and theoretical-analogy and deduction. Results and novelty: As a result of the research, the authors formulated the provisions and conclusions that contribute to the effective regulation of insurance relations and ensure the balance of interests of insurance business participants. The article substantiates the need to qualify a reinsurance contract as a property insurance contract along with other types named in Article 929 of the Civil Code of the Russian Federation.
Highlights
The nature of insurance as a type of economic activity is that the burden of compensation for damage that could be incurred by the affected party in the event of harm to its interests is distributed among several persons
The fulfillment of insurance business obligations is important for the stability of economic activity, civil and business turnover [3]
The characteristic features of insurance as a financial service and a type of economic activity are defined: the formation of a risk community; the obligation of the insurer to pay insurance compensation directly depends on the probability of an insured event, and it is the accidental, unforeseen nature of the event that is important; only those risks are subject to insurance, the damage from the occurrence of which is subject to monetary assessment
Summary
The nature of insurance as a type of economic activity is that the burden of compensation for damage that could be incurred by the affected party in the event of harm to its interests is distributed among several persons. Property insurance, as a type of insurance in general, plays an important, multilateral role in economic turnover. It acts as an important element of the functioning of the entire financial system of the state, ensuring the continuity of social production, depending on unfavorable phenomena and events, and guarantees social protection of the population and stabilizes the process of investment in the economy [2]. The article substantiates the need to qualify a reinsurance contract as a property insurance contract along with other types named in Article 929 of the Civil Code of the Russian Federation
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