Formation of the Insurance Market of the Region Taking into Account the Impact of Specific Risks

The functioning of the insurance market of large countries with regions is usually characterized by imbalances. These imbalances arise due to the presence of specific risks inherent in individual regions and territories. The purpose of the article is to propose an approach to systemic management of regional risks based on grouping risks specific to the regions of the country and identifying typical risks for a particular region or group of regions and analyzing their causes. Research methodology: dynamic analysis of insurance indicators, spatial analysis of the territorial development of the insurance market, the method of classification and grouping of risks, the method of rating are used. The presence of certain risks in a particular region is individual. The factors of the development of the regional insurance market, which have a restraining nature, will make it possible to compile a list of risks typical for a particular region. Priority types of insurance are proposed to be divided into two groups: stimulating the development of the region’s economy and socially significant types of insurance. As the analysis has shown, the list of factors of regional development is diverse, so the authors consider it appropriate to formalize them to give a quantitative assessment. To do this, a ranking method is used, according to which each region is assigned a certain rating by factors and an average rating is output. If the development of the region is balanced, the quantitative and qualitative indicators of the insurance market should correspond to its socio-economic development.