Investment activities as a determinant of insurer competitiveness: empirical analysis on the example of the Russian market

In the current period, the investment activities of insurers have become particularly relevant, both in terms of increasing the financial potential of the Russian economy, strengthening the financial stability of insurance organizations, and diversifying the investment assets of the population. The volume of financial resources accumulated by insurance companies is growing dynamically. The permanent increase in the profitability of insurance companies' investment activities allows us to hypothesize about the impact of the effectiveness of investment operations on the competitiveness of an insurance company. This article explores the relationship between the results of insurance companies' investment operations and their competitiveness in the market. The analysis is based on the financial statements of four of the largest insurance companies in Russia, which account for one-seventh of the market in terms of insurance premiums. A model for assessing the competitiveness of insurance companies, taking into account the effectiveness of their investment activities, has been developed by ranking the relevant coefficients. The resulting model correlates with the results of rating insurers based on customer feedback, as reported in the media.