During the discussion, General Director of Capital Life Insurance Eugeny Gurevich spoke about the important role of life insurers in the process of attracting “long-term” money into the country’s economy: “Over the years of evolution, the life insurance market has become a significant segment of Russian financial market in social and infrastructural way. We protect the well-being of 37 million citizens who are current clients of insurance companies. Over 12 million of them are insured under life and health insurance contracts for a period of more than 5 years. The next logical step would be to harness the industry's significant potential through the Long-Term Savings Program (LSP). Life insurers have extensive experience in creating client-centric insurance and savings programs, as well as developed agent and office networks throughout the country. The participation of life insurers in the LSP will help promote and popularize the Program among people, expand the variety of product offerings and ultimately stimulate the influx of “long-term” money into the country’s economy.”
The Russian Federation will continue to undergo a qualitative market transformation in 2024, which may lay the foundation for its further growth for the decade ahead. “This is also preparation for the launch of a new product type in our market - shared life insurance. The introduction of institution of guarantee will clearly be an important event for the continued popularization of life insurance in our country, which may have a positive impact on the participation of life insurers in the LSP, as well as the further evolution of tax benefits,” the speaker concluded.
Photos are from open sources.
