Life insurance as a tool to increase the welfare of the russian population

Tyumen State University Herald. Social, Economic, and Law Research

Release:

2022, Vol. 8. № 2 (30)

Title: 
Life insurance as a tool to increase the welfare of the russian population


For citation: Baburina N. A., Ivanova N. V., Rychkova A. O. 2022. “Life insurance as a tool to increase the welfare of the Russian population”. Tyumen State University Herald. Social, Economic, and Law Research, vol. 8, no. 2 (30), pp. 184–200. DOI: 10.21684/2411-7897-2022-8-2-184-200

About the authors:

Natalya A. Baburina, Cand. Sci. (Econ.), Associate Professor, Department of Economics and Finance, Financial and Economic Institute, University of Tyumen; n.a.baburina@utmn.ru; ORCID: 0000-0002-6970-0449

Nadezhda V. Ivanova, Senior Lecturer, Dеpartment of Economics and Finance, Univеrsity of Tyumen; n.v.ivanova@utmn.ru; ORCID: 0000-0001-6674-2179

Rychkova Anastasija O., Undergraduate Student, Univеrsity of Tyumen; stud0000212054@study.utmn.ru
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Abstract:

Life insurance has been the driving force behind the development of the Russian insurance market in recent years. The types of life insurance that are significant insurers in Russia include not only insurance protection for the population, but also compliance with the requirements for increasing financial resources, and thus high economic indicators of human welfare. The article provides a statistical analysis of the development of insurance in Russia on a special rise, which showed a progressive increase in insurance premiums and international agreements to identify risks. Also, it was found that the predominant types are accumulative and investment life insurance, which allow not only to provide insurance protection, but also implement accumulative and investment functions. At the same time, a significant territorial differentiation of insurance premiums for life insurance in Russia and a low level of its penetration were determined.

The work systematized the studies of economists devoted to the indication of the determinants of the development of life insurance. An attempt was made to estimate the determinants according to Russian data. The authors built econometric models that allowed to determine the main factors influencing the development of life insurance as a way to strengthen the financial position of an individual in Russia.

As a result of the study, it was revealed that at the level of the constituent entities of the Russian Federation, the determinants of demand are both social and economic factors. The stable regressors, significant in all constructed models, were the gross regional product per capita, the average monthly accrued wages, the female population and the number of unemployed. Also significant in some models were the population size and the level of education of the able-bodied population.

Keywords:

References:

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