Assessment of the Dependence of Insurance Volumes on Various Socio-Economic Factors of Regional Development in Countries with a Transitive Economy

The insurance market is one of the driving forces in the socio-economic development of the country. Therefore, the study of socio-economic factors of regional development, the assessment of the dependence of insurance volumes on various socio-economic factors is becoming an urgent problem both for countries with a stagnating economy and a rapidly growing one. The purpose of the proposed paper is to develop a correlation analysis methodology for assessing the dependence of insurance volumes on various socio–economic factors of regional development and evaluating its results. The methodology proposed by the authors includes: determination of the list of factors for the development of regional insurance markets based on the study of the specifics of the development of countries and regions.selection of quantitative indicators that can be used to assess the significance of socio-economic factors of the insurance market and their characteristics.assessment of the correlation between the corresponding socio-economic indicators of the regions and the volume of insurance premiums (according to statistics).identification of significant factors by comparing correlation pairs for purposeful management of them. According to the proposed methodology, the authors conducted a correlation analysis, which made it possible to assess the significance of factors and assess the relationship between socio-economic development indicators and insurance indicators. The authors suggest using the proposed methodology in various countries and regions, since the results of the analysis allow us to quantify the significance of a particular factor that has a positive or negative impact on the indicators of insurance markets, primarily the volume of insurance premiums and payments.