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DOI: 10.18413/2409-1634-2022-8-4-0-10

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.

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