Financial security of the region: The concept and decomposition
<b>Importance</b> The article considers the concept and structure of financial security in the region. <br></br> <b>Objectives</b> The aim is to present our own definition of the concept of financial security of the region based on the genesis of approaches by various authors; to show the importance of insurance for financial security of the population and business; to substantiate the decomposition of financial security. <br></br> <b>Methods</b> The study rests on general scientific methods of research, like grouping, comparison, analogy, generalization. <br></br> <b>Results</b> We offer our own approach to the definition of the financial security concept, demonstrate interrelation between financial and economic security, and describe protection as a critical feature of security. From the perspective of financial security, protection, among other things, is achieved through the insurance system. We present enlarged decomposition of financial security of the region and show the place of insurance in it. <br></br> <b>Conclusions </b>In the current circumstances, insurance can and should play a significant role in financial security, in strengthening the economy and social sphere in Russian regions. The findings may help develop an approach to assessing the insurance system as part of the financial security in the region.