Insurance is the most important institution of financial protection and a significant investment resource, but its role in the modern economy is underestimated, which is especially evident in regions with a low level of socio-economic development. The relevance of the article is due to the following. It identifies all-Russian and regional factors in the development of the insurance market, the management of which will contribute to the development of the regional insurance market and the region itself. The aim of the article is to identify and systematize the development factors of the regional insurance market, as well as to develop a mechanism for their effective impact on the insurance market and on the development of the region. The study used the method of deduction, the method of comparative empirical research, statistical methods, functional analysis, modeling. The article contains a developed algorithm for increasing the efficiency of the insurance market and the region as a whole by managing stimulating and restraining factors. It takes into account regional peculiarities and can be used for any regions of Russia. The results of the work can be taken into account when developing national and regional strategies for socio-economic development, including through insurance, as well as when adjusting the methods of state regulation of the insurance market in Russia.