RUSSIA: driver with life insurance change: investment life insurance decreased by 32% y-o-y in the first 6 months

From January-June, according to preliminary data, investment life insurance decreased by 32% y-o-y and now occupies 46% of the sector (vs 62% a year ago), its GWP amounted to RUB 92.3 billion, ASN reports.

According to Igor YURGENS, President of ARIA (All-Russian Insurance Association), universal life insurance is now leading in the life sector in terms of growth rates (+55%, up to RUB 44.7 billion; its life share increased from 13% to 23%). As YURGENS noted, this trend can be explained by a decrease in attractiveness of insurance products with non-guaranteed income against the growing fixed-income products. This was also impacted by new standards for life insurer operations and new requirements for the sale of life products, he believes.

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