The dynamics demonstrated by life insurance "surpasses all expectations and forecasts", notes ARIA. According to the results of the first quarter, the volume of premiums, that is, fees from the policy sales amounted to 90 billion rubles. By the end of the year, insurers expect to get close to the mark of half a trillion rubles. According to the chairman of the ARIA Accident Insurance Committee Maxim Chernin, there are reserves available for that. Increase in fees in the field of life insurance today is not provided by classic risky products; when a person pays one-off contribution, gets a policy, and then should anything happen he gets a lump-sum; but by investment life insurance programs. These are long-term contracts. They imply, first, financial protection in case of death or disablement, and secondly, the investment of a part of money in various investment instruments, large companies’ shares, fund units.
It is not just about ordinary insurance, but also the ability to save and grow the capital.
A simple scheme looks as follows: the policy holder pays the contributions; the insurance company earns at the stock exchange and by the end of the contract period, it returns the entire amount of contributions to the client and shares with the profit.
The thing is there is no guaranteed profit and its exact size is unknown in advance for such products. But this tool is still relevant considering that the rates on bank deposits continue to be very low.
Credit insurance keeps the second place in returns. Universal life insurance is the last in top-three.
Middle age people start thinking about what they will live on when they retire more often. Realizing that they need to start saving money for old age now, many choose universal life insurance schemes.
The return on such products is guaranteed being reflected in the insured amount on the contract conclusion. But it is a more conservative tool; therefore, it may be less profitable than investment life insurance.
The market prospects will largely depend on the quality of work of insurance companies, according to ARIA. "The imposition of services, the opacity of work should remain in the past", notes Maxim Danilov. Risk insurance, that is accident insurance, is so far less developed in Russia. Although, according to experts, this segment has a good potential. New products are appearing in the market, for example, insurance for pregnant women or the elderly. Companies are actively applying digital channels for selling policies.
In the nearest future, the insurers hope to complete the development of standards, in accordance with which the market participants will be working. This document will oblige insurance companies to disclose full information about products to the customers.
It is assumed that the most important information will be published on a separate page and be highlighted in large print. The standard violation will threaten a major fine and decertification.
The All-Russian Union of Insurers promises to transfer a hot-fix document to the Central Bank of Russia, which is the regulator of the insurance market, by the end of May.
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