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Analysis of mutual insurance global market
Available online: 3 November 2014 Subject Heading: Insurance JEL Classification: Pages: 45-51
The article emphasizes that the mutual insurance is one of the most widespread forms of creation of insurance fund in the global market of insurance services. It is an insurance system, which provides an insurance protection of property interests of natural and legal entities on a nonprofit, mutual basis by consolidation of means, which are necessary for this purpose in mutual insurance societies. In case of mutual insurance, each insurer, at the same time, is the member of an insurance company. The authors research the development of the modern global mutual insurance market. In many developed countries, the mutual insurance is an important condition of formation of the full-fledged competitive environment, and it seriously counters considerable concentration in an insurance sphere, and an unreasonable price rise for insurance services. The paper points out that until now only 12 societies of a mutual insurance have been registered in the Russian Federation. The existing legislative base (lack of legislative opportunity in the Russian insurance companies to carry out personal insurance, restrictions regarding a number of members of society, etc.), and also low level of the population insurance literacy (insufficient information on a mutual insurance, its advantages in comparison to a commercial form of insurance protection) are the main reasons of slow introduction of this form of insurance in our country. In its turn, the existing legislative base strongly slows down the Russian insurance market development in general. In such conditions, mutual insurance societies simply are not able to compete with business insurance companies. The authors came to a conclusion that successful advance of a mutual insurance in the Russian Federation can become a serious step towards the insurance services market expansion for economic entities and the country's population, and also will enable to make a powerful contribution to the strengthening of global mutual insurance market, in general. Keywords: global market, mutual insurance, competition, cooperative insurance References:
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ISSN 2311-8709 (Online)
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