RUSSIA: over 40% of Sberbank's claims for losses of jobs were paid in April and May

18 June 2020 — Marina MAGNAVAL
In April-May 2020, SBERBANK Life insurance, a subsidiary of Sberbank, made 14 thousand payments for insured events, including around 600 payments to clients due to job loss and about 100 payments due to pulmonary diseases, including COVID-19, the press service of the insurer reports.

The company's paid claims to clients under insured events in case of occurrence of perils for the period amounted to RUB 1.4 billion (~EUR 17.82 million), which is 10% more y-o-y. Most of the payments were made under voluntary life insurance of borrowers of consumer loans, mortgage loans and investment life insurance.

Besides, in April-May, the company made payments not only for insured events, but also under terminated investment and accumulative life insurance contracts, paid claims for which reached RUB 2.9 billion.

According to Alexey LEONENKO, general director of SBERBANK Life insurance:

"Since the beginning of the year, SBERBANK Life insurance has made about 1,500 payments to clients due to loss of job for a total amount of about RUB 22 million. Over 40% of payments for this risk fell on April and May. I am sure that people, who received these payments, fully appreciated importance of life insurance. Our clients under mortgage, accumulative and investment insurance contracts are also reliably protected. At the end of March, we gave our clients a possibility to submit claims through remote service channels, which is especially relevant in the current epidemiological situation."

SBERBANK Life insurance is a subsidiary of Sberbank of Russia, and is offering risk, accumulative and investment life insurance. The company is the leader on the Russian life insurance market and has a national rating based on RAEX scale (Expert RA) - ruAAA.

* EUR 1 = RUB 78.5489 (as of June 1, 2020)

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