IMPACT OF SANCTIONS ON LIFE INSURANCE

Abstract

The article presents the results of a comprehensive analysis of the impact of international economic sanctions on the Russian life insurance market. The relevance of the research is conditioned by the seriousness of external challenges faced by domestic insurers under unprecedented sanctions pressure, as well as the importance of the life insurance segment as a source of long-term investments for the economy. Based on an extensive empirical base, including statistics from the Bank of Russia, the All-Russian Union of Insurers and leading market companies, we analyze the dynamics of key industry development indicators in 2023-2024. The focus of attention is on the volume of insurance premiums and payouts, the structure of premiums by life insurance types (UPL, HHI), product and technological innovations of the players. The key negative effects of sanctions are identified, including the severing of ties with foreign reinsurers, blocking of cross-border payments and assets, and restrictions on work in sensitive sectors of the economy. We systematize the response strategies of life insurers to adapt to the new realities: development of national reinsurance capacities and pools, launch of anti-crisis insurance products, digitalization of business processes and client services, customization of the product line to meet the current needs of policyholders. On the basis of forecast expert assessments, scenarios of further transformation of the life insurance market are modeled, taking into account the possibilities of increasing its investment potential and contribution to stimulating economic growth. It is concluded that the segment is resistant to external shocks and has a wide range of internal growth drivers even in the conditions of prolonged sanctions confrontation.