Econometric Modelling of Russian Insurance Market Development Indicators in Comparison with the World

The aim of this research is the study of insurance and related macroeconomic drivers which influence the development of the insurance market in Russia and other countries in the world, differences at the country level in the development of the insurance business, taking into account their place and role in the global economic process, to identify the presence of causal relationships between the level of development of the insurance market and other macroeconomic determinants. In the first Chapter of the presented work highlights the basic concepts of the insurance market, the theoretical foundations and approaches to its study, trends in the development of the insurance market in Russia and the world at the moment, a review of practical work on this topic. The second Chapter analyzes the factors that have a significant impact on the activity of the insurance market, the classification of countries, based on the indicators of the development of the insurance sector and a number of analyzed variables, the results of the study on the insurance market in Russia. The third Chapter presents the results of the analysis of spatial relationships between the countries of the sample. The study was able to compare the development of the insurance market in Russia and the world, to identify the most significant factors affecting the dynamics of the insurance market. The paper selected a variety of independent variables that potentially determine the vector of development of the insurance sector. Significant findings have been made that for developed and developing insurance markets, the effects of the same variables may be exactly the opposite. The methods and approaches of statistical analysis can be used for a separate study of the market in the context of life insurance and non-life insurance.