The Mechanism of Bank Assurance in the Conditions of Sanctions: Case of Russia

Financial conglomerates that allow customers to receive large variety of financial services have been widely spread in modern economy in recent decades, and bancassurance model of financial convergence became prevalent in Russia and around the world. Russian bancassurance market demonstrates continuous growth during the last 10 years, but this growth is caused by different drivers, and it enhances the scientific interest to this finance industry. At the same time, there is a special time of economic development in Russia, as its economy is forced to function under the sanctions from the USA, European and some other countries. These external sanctions have led to reduction of lending volumes that also affect sales of bancassurance products. Thus, the main research goal of this paper is to determine the factors that neutralize the negative effects of external sanctions on Russian bancassurance market and enable the growth of the market in these conditions. The practical part of research that is based on the combination of scientific methods (statistical, econometrical, case study) is expected to help to develop suggestions for Russian bancassurance conglomerates in order to overcome the negative consequences of external sanctions on Russian economy. These suggestions may regard to applying new types of insurance services and products, as well as searching for new partners and sales channels.