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The Russian market of investment life insurance is recovering

The life insurance market is not at its best. The fact is that over the past 5 years, investment life insurance (ILI) has been a driver of the insurance market. This is a product with a single premium; a client buys a policy for a period of 3 to 7 years and invests the entire amount at once. Thus, funds for investment life insurance are taken not from current income but already formed savings, writes AiF.
The Russian market of investment life insurance is recovering

The structure of savings in Russia is very specific with a very high share of cash and bank deposits, more than 80%, and alternative instruments as securities, life insurance, non-state pension scheme, mutual funds, trust management form less than 20%. Savings are much more diversified in the West.

Life insurance, which in the Russian Federation is only 2% (the share of reserves of life insurers in the volume of savings of the population), in a number of Western countries exceeds 20%. On the one hand, this indicates the potential of our market, and on the other, it explains why the Russian life insurance market is not so keenly aware of the changes associated with a decrease in real incomes. We, like, for example, management companies, turn to savings so far and not people’s incomes.

The Central Bank of the Russian Federation announced the need for preliminary testing of citizens who are going to invest in complex investment products.

Source:https://stav.aif.ru/money/details/sber_rynok_investicionnogo_strahovaniya_zhizni_zhdyot_ozdorovlenie

Photos are from open sources.

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