Behavioral patterns as prerequisites for ensuring financial security of households through insurance

Baikal State University, Irkutsk, Russia

^* Corresponding author: StepanovaMN@bgu.ru

Abstract

Insurance payments are an external source of replenishment for lost income or compensation for unforeseen expenses mediated by the occurrence of random events. If their size corresponds to the material needs of private household members in leveling emerging budget deviations, we can talk about the full implementation of the financial security function – a new insurance function in the context of modern challenges and threats structure transformation. The novelty of this study is the translation of a new perspective for the modern role of insurance protection associated with the support of a private household budget process, the participation of insurers in ensuring the balance of household cash flows in situations of unfavorable deviations from their planned budget parameters. This study was aimed to identify the behavioral patterns of the population regarding the basic parameters of insurance protection that affect the budget of a private household and thus lay the foundations for ensuring its financial security. The results of the survey led to the conclusion that at present the potential possibilities of insurance protection are not being used to the extent that could contribute to ensuring the financial security of a private household.