DEVELOPMENT OF THE RUSSIAN INSURANCE MARKET UNDER THE CONDITIONS OF SANCTIONS
In this article, the subject of study is the Russian insurance market. Unfortunately, the US and EU countries continue to pursue a policy of sanctions against other countries: Iran, Syria, North Korea, Venezuela, etc. This list includes Russia. Over the past 8 years, a record number of sanctions have been introduced against Russia. The purpose of this article is to systematize the imposed sanctions against the insurance sector of the financial market and assess their impact. The article assesses the dynamics of the impact of sanctions on the Russian insurance market, such factors as: withdrawal of large reinsurers; closure of the skies of Europe, the USA and Canada; sanctions against the banking sector; disconnection from the SWIFT service, restriction of foreign exchange transactions; withdrawal of foreign IT companies from Russia; withdrawal of auto brands from the market. The increased risks of the insurer's activity in the current conditions are determined. On the basis of the study, the author made the relevant conclusions and offers recommendations for stabilizing the insurance market.
While nobody left any comments to this publication.
You can be first.
1. On special economic measures and coercive measures of December 30, 2006 № 281-FZ (last edition) [Electronic resource] // Reference legal system Consultant plus URL: http://www.consultant.ru/document/cons_doc_LAW_ 64883/3815d45b5fb660887f504b447582fc8b30ffcf17/?ysclid=latjq9j978965784568
2. Belozerov S.A., Sokolovskaya E.V., 2022. Economic sanctions and their impact on the Russian insurance market // Modern model of the insurance market development: priorities and opportunities: Proceedings of XXIII Intern. scientific-practical. conf. (St. Petersburg, June 1, 2022). / ed. S.A. Belozerova, E.V. Zlobina. – St. Petersburg: Publishing House of St. Petersburg. University 2022: 127-133.
3. Grinberg R.S., Belozerov S.A., Sokolovskaya E.V., 2021. Evaluation of the effectiveness of economic sanctions. Possibilities of systematic analysis // Economics of the region. 2021: Vol. 17, no. 2. 354-374.
4. Evsin M.Yu., 2022. Assessment of the impact of sanctions on the Russian financial market // EFO: Economics. Finance. Society. 2022: #2. 14-21.
5. Oleivi Kh.Z., Vaganova O.V., Melnikova N.S., Bykanova N.I., 2021. Problems and prospects for the development of the banking risk insurance system // Financial business. 2021: No. 8 (218). 61-66.
6. Pashkova E.N., 2021. Theoretical foundations of personal insurance // Vector of Economics. 2021: No. 9 (63).
7. Pashkova E.N., 2021. Property insurance: practical aspects // Vector of the economy. 2021: No. 9 (63).
8. Timofeev, I. N., 2021. Sanctions Against Russia: A View in 2021: Report 65/2021 // Russian International Affairs Council (RIAC). – M.: NP RIAC. 2021: 24.
9. Sharifyanova Z. F., Saetova E. R., 2016. Impact of sanctions on the Russian insurance market // Innovative science. 2016: no. 2-2 (14). 88-90.
10. Overview of key performance indicators of insurers in 2014 // Information and analytical material. Bank of Russia, Moscow. 2014: 40.
11. Overview of key performance indicators of insurers in 2016 // Information and analytical material, Moscow. 2016: 41.
12. Litova E. Sheludchenko S., 2022. The Russian insurance market lacks capacity [Electronic resource] // Vedomosti. Finance. 2022. URL: https://www.vedomosti.ru/finance/articles/2022/03/16/913840-strahovomu-rinku-moschnostei?ysclid=lb0iifuhzq279378986 (Accessed 15 November 2022)
13. Lyubarskaya O., Shkreba A., Yanin A., 2022. Six blows to the Russian insurance market: from protection to development [Electronic resource] // Analytical review. 2022. URL: https://raexpert.ru/docbank/954/ed2/485/ 660f17aaf547c3fca4c77fe.PDF (Accessed 15 November 2022)
14. Raspopova A., 2022. Which auto brands have left Russia, who is trying to stay [Electronic resource] // Autonews. 2022. URL: https://www.autonews.ru/news/635a91d89a79472435712a8f?ysclid=lb0n2fbtde807217103 (Accessed 15 November 2022)
15. Reinsurance – an Achilles' heel for Russian insurers after the introduction of sanctions [Electronic resource] // Review. Interfax. Economy. 2022 URL: https://www.interfax.ru/business/825514
16. Hufbauer G.C., Schott J.J., Elliott K.A., Oegg B., 2017. Economic Sanctions Reconsidered. 3rd ed. Washington, DC: Peterson Institute for International Economics. 2017: 248
17. Russian Federation Staff Report, 2019 [Electronic resource] // International Monetary Fund European Department. International Monetary Fund. 2019 URL: https://www.imf.or g/en/Publications/CR/Issues/2019/08/01/Russian-Federation-2019-Article-IV-Consultation-Press-Release-Staff-Report-48549 (Accessed 15 November 2022)
18. Horton A., Moore M., 2020. London-Matters-2020-Digital [Electronic resource] URL: https://docs.yandex.ru/docs/view?tm=1669560673&tld=en&lang= en&name=London-Matters -2020-Digital-1.pdf (Accessed 15 November 2022)
19. L. A. Talimova, N. K. Kuchukova, A. A. Gukovskaya, E. V. Chernikina, S. V. Shmanev, N. R. Gainullina, D. E. Morkovkin, and V. N. Nezamaikin, Osipovskaya A.V., Arkhipova N.I., Sedova O.L., Zbirovskaya E.P., Vinogradova E.K., Kisarov I.V., Tishin I.V., Dolgov Ya.V., Khotinskaya G.I., Likhacheva O.N., Setchenkova L.A., Sanginova L.D. and others. Formation of a financial and credit model in the context of the development of digitalization and integration of the economies of the EAEU countries. Karaganda, 2021. EDN: YHCQAS
20. Vaganova O.V., Bykanova N.I., Strizhakova A.A., Evdokimov D.V. 2021. Impact of non-financial business of Sberbank PJSC on the development of its ecosystem. Financial business. 6 (216): 231-235.
21. Vaganova O.V., Bykanova N.I., Gordya D.V., Golubotskikh V.N. Development of the open banking system in Russia. Modern economics: problems and solutions. 2022; 1(145):27–37. EDN: PLBQTN. https://doi. org/10.17308/meps.2022.1/2752 (In Russ.)
22. Fliginskikh T.N., Vaganova O.V., Solovjeva N.E. 2022.Features of the formation of an ecosystem through the development of modern banking technologies in Russia / Journal of Applied Research. 2(7): 121-127(in Russian).
23. Vaganova O.V., Fliginskikh T.N., Konshina L.A. 2021. Modern approach to the study of the digital transformation of the financial sector of the Russian Federation // Economic and humanitarian sciences, 6 (353): 37-49 (in Russian).