Last year, the boom in consumer lending sharply increased the incomes of banks from the sale of accident insurance policies – their incomes grow every year. By law, this is a voluntary type of insurance, but it turns into compulsory when you make a loan, especially a mortgage, write Vedomosti.
In 2018, charges for insurance against accidents and diseases increased by 39.8% to 169.5 billion rubles, of which 86.2 billion brought sales through banks, which are the main sellers of these policies. As Alexey Yanin, managing director of insurance and investment ratings for Expert RA, notes, the market has grown due to a significant increase in consumer lending.
The commission of intermediaries grew even faster. It almost doubled in 2018 – to 77.5 billion rubles, of which banks received 55.02 billion, according to a review of the rating agency National Credit Ratings (NKR). Clients were paid almost 5 times less than the average went to – only 16.4 billion rubles. These payments almost do not grow – last year they increased by 14.2%, and since 2014 they fluctuate in the range of 14-16 billion rubles, says director of the NKR financial institutions rating group Yevgeny Sharapov. But this money does not always go to customers. Often the beneficiary is a bank, the debt to which is repaid by the insurer, if, for example, a person has lost his ability to work.
According to A.Yanin, the situation on the market is completely dictated by banks – the size of commissions depends on their appetites. And E.Sharapov notices that this market is growing mainly due to commissions to agents: every year commissions are more and more ahead of payments.
When buying a policy against an accident, a client mostly pays not for the insurance itself, but for the intermediary’s commission – primarily banks, the head of the committee for quality control of products and services in the insurance industry of the Russian Consumer Association, Andrei Krupnov, points out.
As A.Yanin says, accident insurance payments have always been low: there are many exceptions to the rules for which an event is not recognized as an insured event. The share of failures is one of the highest in the mass types of insurance: about 9%, Tatiana Nikitina, head of the insurance ratings department of the National Rating Agency, notes.
It greatly exceeds the commissions of intermediaries to pay clients and to insure property of the population. In 2018, fees for this type of insurance increased by 12.9% – to 64.8 billion rubles, only 9 billion were paid (an increase of 8.9%), and the commission took three times as much – for the year they grew almost by 25% – up to 27.4 billion, notes E. Sharapov. And again, the banks got the most – 14.2 billion rubles. And property insurance is also often mandatory, for example, for a mortgage.
For insurers, these types of insurance also remain profitable.
According to E. Sharapova, the Central Bank can change the trend, if the tariffs and commissions for these types of insurance will be regulated. A.Yanin admits that in the future limit commissions may be established, but this will not solve the problem, since insurers will pay unofficial fees to banks. “The problem must be solved by developing non-bank sales channels in order to reduce the dependence of insurers on banks,” he said.
The representative of the Central Bank did not say whether the size of the commission would be regulated in the future. But he believes that the disclosure of the commission should be a duty, and not the right of the insurer. The representative of the Central Bank also noted that a bill had been prepared for the second reading, which would allow citizens to repay the bank remuneration paid to the bank both under individual insurance and collective insurance contracts (when a bank acts as an insurer, and its clients only join the contract).