Statistical Research of the Travel Insurance in Russia

The present paper considers the analysis of outbound travel insurance market in Russia which is closely related to the tourism market showing the growth of tourists every year. Tourism is one of the profitable sectors of the economy. Due to globalization and political cooperation among countries the outbound tourism is becoming more widespread. Travel insurance is a significant element of outbound tourism market. Both statistics and practice provide the fact that the travel insurance market is steadily going up. The Russian insurance market is characterized by a strong concentration of insurance companies. Each insurer has to carry out a competent pricing policy in order to ensure a good competitiveness and offer consumers a high level of services. Therefore, it is important to assess the features that affect the amount of losses. Consequently, the relevance and practical significance of the work are to analyze the travel insurance portfolio and determine the factors which will reduce the insurer’s costs. For a detailed analysis of the insurance travel market there are studied the regulations which determine the behavior of market participants, dynamics and specificity of outbound tourism in Russia, the basic features of the travel insurance and the insurance company-leaders. Nowadays the tourism market is going through hard times, a great number of factors have altered the direction of travel and reduced the amount of tourists. There are economic aspects that characterize the situation in the country and the world at large. One of the most important economic factors is the volatility of the ruble to other currencies which significantly changes the amount of the demand for outbound tourism market. This work provides the factors that mostly influence on the travel insurance market. The primary aim of the work is to analyze the outbound travel insurance market in Russia and identify factors that may change the amount of the losses in the insurance portfolio.