RUSSIA: the number of complaints against insurers in January-March 2021 increased by 4% y-o-y

5 May 2021 — Marina MAGNAVAL
In January-March 2021, according to the Bank of Russia, the number of complaints against insurers increased by 4% y-o-y, to 8.5 thousand. At the same time, the number of complaints about mis-selling (selling some products in the guise of others) increased by almost 1.5 times, ASN reports.

According to experts, the key growth drivers for complaints from consumers of financial services in the first quarter of 2021 are: revival of economic activity after lifting of restrictions related to the pandemic, increased sales, and an increase in the number of retail investors.

The increase in the number of complaints related to life insurance, as well as to health and accident insurance was the main reason for the overall increase in the number of complaints against insurers.

As for mis-selling complaints, more than half of them come in relation to banks, and the main problem remains related to the sales of investment life insurance policies in bank offices as deposits with increased profitability. In this regard, the Bank of Russia took an active part in the work on the draft law, which will establish the rules for sales of financial products and give the regulator an opportunity to apply supervisory response measures in case of violation of these rules, the Central Bank emphasized in its message.

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