INSURANCE MARKET AND SYSTEM-BASED RISK OF FUNCTIONING

The article deals with the factors and conditions for the emergence and spread of systemic risks in the insurance market within the framework of the interaction of insurance companies with each other and other financial institutions. These are forms of identifying the features of systemic risk manifestation. Focused attention is paid to factors such as competition between financial institutions, mergers and acquisitions, accumulation of individual risks, and their impact on the characteristics of the insurance market, markets of other financial intermediaries. The conditions of distribution of systemic risks - the increase of the level of capitalization of the insurance market, a separate insurance company, the presence of the transfer of risks from one to another financial intermediary. It is revealed that the possibility of diversifying the directions of formation of own assets of the insurance company determines its interaction with financial intermediaries of the stock, currency, investment market, banking services market, which causes an increase in the threat of systemic risk. The comparative characteristics of monitoring of manifestations of systemic risk on the insurance market by domestic and European financial regulators are given. The issue of insufficient attention to the degree of unevenness of the concentration of insurers' assets in different financial markets is considered, taking into account the corresponding risks that can accumulate and exacerbate each other. The necessity of expansion of objects of monitoring by types of risks of insurance activity is established. The necessity for financial regulators to pay special attention to systemic risk is substantiated. It is proposed to assess the systemic risk in the insurance market to use a systematic approach to the diagnosis of the state of the insurance market as an open complex economic system. The main methodological principles for assessing the systemic risk of the insurance market and the individual insurance company are formulated. Concerning the specifics of the interaction of insurance companies with banking institutions, it was considered necessary to combine the risks of the insurance market and the influence of systemically important banks on the activity of a separate insurance company.