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The Influence of Sham Insurance on the Development of the Russian Insurance Industry

Svetlana Avdasheva () and P. Rudensky.

VOPROSY ECONOMIKI, 2002, vol. 10

Abstract: The article is devoted to the specifics of life insurance in the Russian insurance industry. Sham insurance aimed at tax avoidance ("insurance-for-salaries") constitutes the majority of life insurance contracts. Authors provide an estimation of the amount of sham insurance and demonstrate the way it influences the development of the insurance market. Low cost of sham insurance results in the fast growth of Russian insurance companies which provide sham insurance in comparison with companies that are specialized in genuine insurance products. Thus the companies of the first type acquire comparative advantages. The very possibility to use that type of comparative advantage exists due to the fact that life insurance and non-life insurance are conducted jointly in Russian insurance companies.

Date: 2002
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