Author: Oksana A. Boytush, Cand. Sc. (Ec.), Assistant-Prof. of State and Municipal Finances Dept., Urals State University of Economics

Abstract: Insurance is a relatively young economic sector for modern Russia in a sense that the latest stage of its development began only in 1990s. Underwriting as an insurance process has not spread much yet too. Besides, underwriting usually promotes greater financial soundness. To ensure the profitability of insurance operations insurance companies regardless of their financial opportunities, insurance portfolio and volume of insurance operations should pursue a strict, theoretically and practically grounded underwriting policy. The paper looks at theoretical and organizational aspects of underwriting as well as the role of underwriting in the activities of insurance companies.

Keywords: Underwriting, insurer, the insured, insurance, insurance portfolio, insurance premium, loss adjustment, insurance risk assessment