The article focuses on the need of the State intervention into the development of the Russian reinsurance market in the form of a State reinsurer institution. The application of empirical research (data collection, supervision, analysis) leads to the conclusion that the reinsurance market in Russia is still emerging and depends on foreign reinsurance companies while the reserves of the internal reinsurance capacity are still insufficient. The economic sanctions applied against Russia by the western countries and the impossibility to reinsure a number of risks in the international markets threaten the financial stability of the companies and of the insurance market as a whole. As a solution to this problem, the model of the State reinsurer is offered, the advantages of its work are identified, possible negative scenarios of its further development are analyzed taking into account the international experience in this area.
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