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Russian insurers launch policies with cut down prices

Insurance companies are actively launching cut-down products at a lower price, organizations informed Izvestia. This is intended to make policies more affordable for customers amid the crisis and rising prices. The companies either already note an increased demand for such insurance, or expect an increase in interest in the near future. The number of offers with a franchise and limited set of risks may increase in the CNC, VHI and property insurance segments, the experts believe.
Russian insurers launch policies with cut down prices

Against the backdrop of the crisis and increase in the cost of insurance associated with it, the number of offers of policies with a franchise and limited set of risks is growing. Thus, RESO-Garantia is planning to replenish the line of VHI with products with a franchise in the near future.

The demand for franchised products with a limited set of risks increases during crises, as the purchasing power of customers decreases. However, it should be borne in mind that with a drop in the scope of cover, part of the insured events will not be covered by the policy, and in the case of a franchise, the client will have to pay extra when claiming the insurance.

Over the past two months, for example, prices in the VHI market have risen by 10-12%, and further price increases are expected in line with inflation. In case of buying such insurance with a franchise, the cost can be reduced by 15-30%, the experts explain. Demand on such products is usually up to 40% of the total number of policies purchased, but in the current environment it might grow by another 10-15%.

Source: https://www.insur-info.ru/press/174234/

Photos are from open sources.

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