Insurance is the most important institution for social and financial protection. Therefore, the development level of the regional insurance market not only determines the volume and quality of this protection, but also influences the social and economic development of the region through the coverage of risks and the provision of additional jobs. In turn, many factors have a significant impact on the development of the regional insurance market itself. This study is aimed at developing a model for governing the development factors of the regional insurance market, which (governance) focuses on improving the development efficiency of not only the regional insurance market itself, but also the socio-economic development of the relevant region. In this regard, the model for governing the factors of development of the regional insurance market involves solving the following scientific problems: identifying national factors for the functioning and development of the Russian insurance market that influence the development of the regional insurance market; determining regional development factors affecting the regional insurance market; identifying the impact of the regional insurance market on the socio-economic development of the region; developing recommendations on the effective impact of national and regional factors on the regional insurance market development and, through it, on the socio-economic development of the region. Implementation of the proposed model for governing the factors for the regional insurance market development will increase its efficiency and strengthen the socio-economic development of the region.
Behavioral characteristics attributed to consumers of insurance services are a relevant factor for analyzing the current situation in the insurance market and developing effective strategies for insurers’ actions. In turn, considering these characteristics allows the insurer to be more successful in the highly competitive field, achieving mutual satisfaction in interacting with the customer. This study is aimed to develop cognitive models of the situation (frame) “Insurance”, taking into account the specifics of the Russian insurance market and systemic factors affecting participants’ behavior in the market. In this regard, the study involves systemizing risks at various levels of the economic system, generalizing factors for the motivation of insurance consumers, developing descriptive and economic-mathematical models for the behavior of economic entities in risky situations.The results obtained represent a behavioral model of interactions among insurance market entities, which determines opportunities for efficient and mutually beneficial coordination of their activities. The developed model includes the following elements: structured individual and institutional frames “Insurance”; a professional index of interest in insurance presented in the form of a mathematical model; methodology for governing the relationships among insurance participants in the digital environment.The recommendations enable predictions of the situation in the insurance market and allow most accurately defining the consumer needs in the conditions of market changes.
The relevance of the paper is predetermined by the fact that insurance acts as an institute of financial and social protection, and insurance companies (especially for long-term life insurance) are the most important and socially responsible investors, which account for about 8-12% of total investments in developed countries in the economy, which, in turn, serves as a significant factor in economic growth. The purpose of our paper is to prove the relationship between the level of development and dynamics of insurance markets on the one hand, and the level and dynamics of economic growth rates in a number of countries, on the other. To achieve the goal, we set and solved the research objectives: 1) to determine the degree of elaboration of the problem of the relationship between economic growth and the development of the insurance market in a number of countries and regions of the world economy; 2) to construct a comprehensive classification of similar and different characteristics in certain countries of the worlds’ economy (European, Asian, extended countries with a federal structure, post-socialist countries); 3) to highlight some indicators of the level of economic development and growth of classified countries (central bank interest rate, economic growth rate, investment growth rate, etc.) associated with some parameters of insurance market development, primarily with the volume and growth rate of insurance premiums, including the growth rate of life insurance premiums; 4) to classify the insurance regulation models of the grouped countries based on the analysis of the relationship between the selected economic and insurance indicators; 5) to assess the degree of relationship between the development of a relatively young and unbalanced insurance market and indicators of economic growth in Russia. The latter occupies a special place in the classification of the countries under consideration by characteristics of insurance development, by spatial, geopolitical parameters, by indicators of economic development and economic dynamics. The research results and conclusion are the following: 1) there is a direct relationship between the indicators of economic growth and indicators of the development of the insurance market in national economies and regional integration complexes; 2) different types of grouped countries have a different degree of dependence between indicators of economic growth and the insurance market indicators’ development, which is determined, not least of all, by historical, economic, spatial, geographical and geopolitical characteristics; 3) the close relationship between the indicators of economic development and growth of countries under consideration and their insurance markets is ambiguous, due to the fact that the active growth of insurance is noted in countries with a high density and a significant proportion of the young population; 4) the reasons for similarities and differences in the relationship under study are diverse and determined by differences in functioning of socio-economic systems (geographical, legislative, political, social, etc.), as well as by the adopted model of insurance regulation; 5) the growth of the insurance market corresponds to the general economic growth, subject to the intensification of investment activity; 6) life insurance shows a closer relationship with macroeconomic indicators compared to other segments of the insurance market; 7) the importance of studying the proposed problem for Russia in the future is due to its important integrating function for the national insurance markets of European as well as Asian countries.
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