For 9 months of 2020, growth of RSHB-Life Insurance GWP in accumulative life insurance reached 1128.2%, while the overall market growth in the segment was 29% y-o-y. As the company noted, expansion of the product line and sales of accumulative life insurance products made it possible to achieve rapid growth in this type of insurance. The company's accumulative life insurance products have guaranteed profitability and high insurance coverage.
Andrey CHUIKO, General Director of RSHB-Life Insurance, commented:
"We believe that accumulative life insurance will be the main driver of the life insurance market next year. Therefore, the long-term development strategy of RSHB-Life Insurance is based on the products of classic accumulative life insurance. Starting the end of 2020, the company plans to both expand the coverage of packaged products and make them more and more flexible, allowing clients to choose and combine different product parameters: insurance terms, list of risks, the range of insurance amounts, payment timing options, currency of contracts, service options. This makes it possible to offer our clients individual solutions that best meet their needs."
RSHB-Life Insurance was established in November 2017, began sales in March 2018 and is offering life insurance and health insurance products. In the first half of 2020, the company ranked 7th among life insurers. According to the results for 9 months of 2020, RSHB-Life Insurance ranks 8th in the life insurance market (according to official data from the All-Russian Insurance Association). The company's reserves as of October 1, 2020 amounted to RUB 18 billion (~EUR 0.19 billion*).
* at the following exchange rate:
EUR 1 = RUB 92.4302 (as of October 1st, 2020)
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