THE CURRENT STATUS OF LIFE INSURANCE ON THE RUSSIAN FINANCIAL MARKET

Abstract

The paper considers the current state of the life insurance market, identifies its main problems and their solutions. The development of the life insurance market is analyzed, the economic substance of insurance disclosed as well as the features of the functioning of finance in the insurance industry. The state of the Russian insurance market was compared with some foreign ones. The paper reveals such important factors as insurance premiums and insurance payments, the change of which was reviewed in the time interval of four years. The analysis of this typeof insurance was based on the study of theoretical and statistical basis of the insurance market in Russia. As a result, a number of “obstacles” to the development of this type of insurance were identified and the main barrier was stated: the state conditions for insurance in Russia.

Keywords

• life insurance
• insurance premium
• insurance payments
• gdp
• insurance product
• insurance contract