Currently the development of the Russian insurance market can be described as inorganic growth, with insurance premiums making up only a fraction of gross domestic product.
But the practice of forcing policy holders to conclude insurance contracts that they do not need, as well as other issues, such as a lack of affordable insurance services, a lack of insurance offers meeting the needs of different consumer categories, including socially vulnerable groups, and difficulties with receiving insurance payouts if an insurance event has occurred undermine the confidence of policy holders and hinder long-term sustainable development of the insurance market.
The program of the second day of the Moscow Financial Forum on September 7 will include a business session titled "Enhancing Insurance Ethics and Fair Insurance: Earning Client's Loyalty, Improving Affordability and Quality of Insurance".
Government and business representatives and insurance experts will discuss what insurers and insurance associations need to do in order to boost confidence in the insurance business and how improvement of financial literacy can contribute to the development of insurance culture. The participants will also search for effective mechanisms for developing voluntary insurance to avoid negative feedback from policy holders.