Prospects for the Development of the Russian Reinsurance Market in the Context of Sanctions

Abstract

The Russian reinsurance market is currently faced with signifi cant challenges under the conditions of sanctions. Reinsurance performs a set of functions optimizing an insurer’s performance, ensuring the guarantees for the timeliness and completeness of fulfi lling its obligations to customers, as well as improving the performance of the entire insurance market. Due to the withdrawal of the largest foreign reinsurers from the market, the state is forced to take measures to stabilize the situation. The author’s objective is to identify some new opportunities for the development of the Russian reinsurance market under restrictions. The author has studied the legal foundations of the formation of the Russian reinsurance market, examined the existing forms of reinsurance, and carried out their comparative analysis. The article also analyzes the dynamics of changes in the number of insurance and reinsurance companies on the Russian market. In addition, the paper presents the analysis of the performance indicators of reinsurance operations of the largest insurers. Conclusions are drawn about the overcoming of diffi culties by insurance companies in modern conditions. Unprecedented measures of the Bank of Russia play ed a huge role in solving these prob lems. In particular, the main capacity of the reinsurance market was replaced by the Russian National Reinsurance Company, which made it possible to expand the capabilities of Russian insurance companies to reinsure risks within the country. As a result, the author establishes the options for the development of the Russian reinsurance market in the long term perspective.