Abstract
Today, insurance enables the functioning of the market system. In modern Russia, such a mechanism of protection against internal and external threats exists to ensure the economic security of each citizen. Indeed, individual insurance policies continue to gain importance as the most effective risk management tool to guarantee the safety of the health and property of private citizens. The goal of this study was to investigate Russian citizens’ attitudes towards insurance policies and investment bearing in mind the concept of personal economic security. Preparations for this study were focused on theoretical understandings of economic security problems, taking the field of insurance as an example. Our research consisted of four stages, with a total of 1794 participants. The results of this study can offer insight to improve the functioning of the insurance market in accordance with the framework of the Insurance Industry Development Strategy for the Russian Federation—2020. The obtained results can be used from both a political and economic standpoint in the development of a set of measures dealing with the control of financial institutions, promotion of financial literacy, preparation of courses for universities, and trainings for participants in the insurance market. Policyholders can also use this information to advocate for improved insurance programs for citizens.
Highlights
Today, in Russia, the development of the state insurance policy has entered a period of relative stability
Because the insurance market is still largely controlled by state economic policy, we believe it is timely and necessary to conduct research with respect to political and economic attitudes on this issue and to address the following research challenges: First, there is a lack of research examining the relationship between citizens and insurance and investment policies
In the fourth stage (Stage 4), of the study (2019), we developed amoretto measure citizens’ attitudes of insurance policy, which was based on previous studies and certain aspects of theoretical analysis and longitudinal study and was intended for practical use
Summary
In Russia, the development of the state insurance policy has entered a period of relative stability. Because the insurance market is still largely controlled by state economic policy, we believe it is timely and necessary to conduct research with respect to political and economic attitudes on this issue and to address the following research challenges: First, there is a lack of research examining the relationship between citizens and insurance and investment policies. The information garnered from such research would facilitate the development of insurance programs that incorporate the trust and preferences of citizens with respect to different insurance products and agents in the insurance market. There is a lack of scientific research on behavioral patterns related to insurance, which would provide insight into the economic security factors that affect the behavior of individuals with respect to insurance. From 2008 to 2019, we conducted a study of citizens’ attitudes toward insurance and investment policies as a factor of individual economic security.
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