INSURANCE CULTURE AS A FACTOR OF DEVELOPMENT OF INSURANCE MARKET

The article studies insurance culture as one of the most important factors in the development of the insurance market in the Russian Federation. Initially, insurance culture is part of the financial literacy of the population and is seen from the point of view of insurance as a way to manage the risks of the individual consumer and to establish a system of material protection in case of unforeseen adverse events. At that time, insurance culture also includes: the knowledge of insurance itself, legal literacy in the field of insurance, perception and trust of consumers of insurance service providers, the relationship between consumers and insurance service providers, strategies for the development of individual insurance organizations and the development of the insurance market, which are all objects of study of insurance culture. The work presents approaches to the definition of insurance culture, basic bases for the study of insurance culture and key indicators for assessing the development of insurance culture. Insurance organizations are interested in the development of the insurance market as entrepreneurial structures, the main purpose of which is to generate profits, the State in terms of exemption from additional financial expenses related to the payment of losses from adverse events, as well as the creation of an additional source of investment resources. At the same time, the key points in the development of insurance culture should be the understanding of consumers of insurance services that insurance is not just a way of protecting against adverse events, as in many cases psychological protection “will not happen to me”. the main task of insurance is to protect the budget and optimize unforeseen expenses of future periods.

insurance, insurance culture, factors of development of insurance market, financial literacy, strategy of development, trust in insurers, human welfare, insurance agreement, customer satisfaction, mental reading as a factor for forming demand for insurance services, regulation of insurance market, role of state in insurance development.

Kuznetsova N. V. Insurance culture as a factor of development of insurance market. Business. Education. Law, 2020, no. 1, pp. 272–276. DOI: 10.25683/VOLBI.2020.50.162.