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Subject. The article investigates indicators of certain segments of the Russian insurance market in 2020, key problems of the market functioning in the context of the coronavirus crisis, and possible solutions. Objectives. Our aim is to identify key problems in the market functioning in conditions of the coronavirus crisis, propose measures to solve them, and specify the market growth drivers in the short term. Methods. We perform a content analysis of available sources and use statistical data for the period under review. Results. The study reveals that at the current stage of the Russian insurance market development, all its key growth drivers are associated with the sales channel of banks. This highlights imbalances in the structure of sales channels for insurance products, the underdevelopment of the direct sales channel, and, consequently, imbalances in the structure of the Russian financial market. It is obvious that the level of confidence of the Russian people in the banking sector is higher than in the insurance sector, and the sale of a significant share of insurance products stems from the requirements of banks when they sell their credit products. Conclusions. The insurance sector is highly integrated with the banking sector. Furthermore, it is extremely susceptible to crisis phenomena in the credit market. To overcome this dependence, it is crucial to implement a set of measures to increase the level of insurance culture of the Russian people, their awareness of existing and newly created insurance products, the benefits of insurance, in combination with measures for boosting the effective demand.

Subject. This article examines the indicators of the Russian insurance market and the key problems of its functioning. Objectives. The article aims to analyze the indicators of the Russian insurance market for 2005–2022, identify the key problems of its functioning, build a target model of market development based on the practices of foreign insurance markets, develop a set of recommendations to solve the identified problems and assess the potential effectiveness of the proposed measures by forecasting and modeling market performance indicators in the long term as a result of the implementation of the developed recommendations. Methods. For the study, I used a content analysis, correlation and regression analysis, and the expert assessment method. Results. The article finds that the key problems of the Russian insurance market functioning are due to the high level of its operating costs, which is largely a consequence of the dependence of the insurance market on the banking sector. The article proposes certain measures, including legislative reforms aimed at strengthening regulation in the field of consumer protection and regulation of types of insurance, as well as a number of measures for implementation at the level of insurance companies. The article also presents the author-developed forecasting models regarding the transformation of the market by 2027. Conclusions. To improve the efficiency of the Russian insurance market, it is necessary to implement a set of measures for its customer-centric transformation, taking into account the best practices of foreign insurance markets.