RUSSIA: 1Q2020 paid claims of SBERBANK Life insurance for credit insurance increased by 54% y-o-y

21 April 2020 — Marina MAGNAVAL
In January-March 2020, SBERBANK Life insurance, a subsidiary insurer of SBERBANK, paid RUB 1.8 billion (~EUR 21 million) for credit life insurance, which is 54% more y-o-y, the insurer reports.

At the same time, the major share in the amount of paid claims fell on consumer lending, the claims paid in this segment reaching RUB 1.3 billion, while about RUB 500 million were paid under mortgage insurance contracts. According to the preliminary data of the company, the total of paid claims for all types of insurance amounted to RUB 10.1 billion (~EUR 117.8 million) in 1Q2020.

For clients, affected by COVID-19, the company offers an option of deferring payments under multi-year mortgage life insurance contracts. Also, under all contracts, SBERBANK Life insurance allowed remote reporting of insured events and made issuance of mortgage insurance contracts available on the company's website.

SBERBANK Life insurance provides risk, accumulative and investment life insurance services. The company is the leader on the Russian life insurance market and has a national rating under RAEX scale (Expert RA)- ruAAA.

* EUR 1 = RUB 85.7389 (30 March 2020, the Central Bank)

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