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Due to coronavirus, demand for life insurance has increased in Russia

The coronavirus pandemic has led to a significant increase in demand for life and health insurance in Russia, while insurance of household appliances and CNC insurance have been significantly reduced. This information was provided by Olga Sorokina, Deputy General Director for Business Development of VSK Insurance House.
Due to coronavirus, demand for life insurance has increased in Russia

“Changes in people’s behavior and preferences are occurring under current conditions. We see a rather high interest in the liability insurance products of individuals, legal entities and personal types of insurance. Such products are purchased by companies for employees and our customers for themselves and their loved ones,” told TASS the Deputy General Director for Business Development of VSK Insurance House.

They reminded in VSK that the company has included coronavirus coverage in basic insurance programs against accidents and diseases. “Our classic products and products for various situations cover the risks of emergency hospitalization in the intensive care unit with signs of coronavirus infection. The company offers its customers solutions for PCR-diagnostics COVID-19 and advanced programs of telemedicine services with laboratory diagnostics,” informed Olga Sorokina.

However, according to VSK, the types of insurance associated with industries where consumer activity has declined due to the pandemic have turned out to be the least popular. “It is travel insurance and “Green Card”, an analogue of compulsory motor third-party liability insurance for foreign trips by car. The fees on products mainly sold at offline points decreased, for example, insurance of household appliances sold in retail chains or CNC insurance when buying cars from dealers,” noted Sorokina.

According to the VSK representative, business and people are now adapting to the new reality, a fairly significant deferred demand is being formed.

“We expect the market will begin to recover after the lifting of restrictive measures. According to the Central Bank, in the second decade of April, some rally was already recorded relative to the first days of the month,” the interlocutor summed up.

Source: https://tass.ru/ekonomika/8379429

Photos are from open sources.

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