" Life " in expectation of growth
the life insurance Segment slowly but surely strengthens the positions in the Russian market. Following the results of last year the largest insurers could increase volumes of the collected insurance premiums. However, the basic driver of growth remains " made " policy acquisition at registration of the bank credit. Voluntary insures the life absolutely a small amount of Russians. In underestimation by the market of prospects of this segment experts see conditions for active growth of life insurance during the nearest period.
Results of last year have appeared positive for many insurance companies specialising in a segment of life insurance. According to Association of insurers of life (ASZH), gathering of awards in 2011 has reached 34,7 mlrd roubles. Growth has made 53 % in comparison with 2010. This indicator has appeared even above rates of increase of the market of insurance as a whole which last year has added 21 %. So, volume of collected insurance premium SK " Allianz ROSNO Life " has made 775 million roubles, the volume of business of the company has grown twice in comparison with the similar period of last year. As have noted in a press - company service, SK " Allianz ROSNO Life " now occupies one of in the lead positions on rate of increase among insurers of life Allianz in the countries Central and the Eastern Europe. Company gathering " Alpha insurance - Life " in 2011 have exceeded 4 mlrd roubles, the volume of the collected awards in 2011 in comparison with 2010 has increased more than by 40 %. " Average rate of a gain for last three years has made practically 100 %, the general director of Open Company " cites the data; Alpha insurance - Life " Alexey Sljusar. - On Open Company gathering " Alpha insurance - Life " it was necessary more than 12 % of gathering of all insurance group " Alpha insurance " which offers more than 100 insurance products ". The company " Ingosstrah - Life " according to the head of department of marketing SK " Ingosstrah - Life " Julia Alehinoj, shows stable growth of a portfolio on life insurance throughout last five years. As the general director of Open Company " has noted; SK Rajffajzen Lajf " Maxim Chumachenko, during the period with 2010 for 2011 of Open Company " SK Rajffajzen Lajf " has increased gathering from 470,1 million rub to 1094,8 million rbl. Thus insurance payments in the company for the same period have increased from 8,6 million rbl. to 13,9 million rbl.
According to SK " Alpha insurance " the life insurance segment in southern region has grown following the results of last year on 47,5 %. Leaders of the market, according to experts, large federal insurance brands, such as " are; Rosgosstrakh Life " " MetLajf Aliko " " the Renaissance Life " " Alpha insurance - Life " and a number of other companies. At the same time it is possible to consider as feature of the regional market of life insurance that fact that on it successfully work not only branches large federal CÊ, but also the local companies. For example, SK " the UNION - LIFE " (the central office is located in Rostov-on-Don) is the leader in a life insurance segment across the Rostov region already throughout two years, before SK stably entered into a three of leaders.
however, according to experts, successful work of the local company in the life insurance market - is faster an exception, than a rule: it is too high " the entrance ticket " for participants of the market. " According to legislation requirements, in this kind of insurance specialised insurers can be engaged only. Requirements to an authorised capital stock for the companies on life insurance are high - 240 million rbl., - Julia Alekhin makes comments. - distribution also manages nedeshevo. The companies on the life insurance, engaged in memory insurance, seldom leave on profit before 5-7 years of operations. Thus the client portfolio and the actives generated thanks to this portfolio becomes their basic "mammon". To earn at the expense of investment of means and be profitable the insurance company can when these actives are great enough ".
According to the sales manager of agency of Open Company " Dzhenerali PPF Life insurance " to Rostov-on-Don Vitaly Vertija, in the near future hardly it is possible to expect ward on the market of the new companies. Thus in the market of insurance of the south the expert considers as an important tendency of 2011 optimisation of expenses of the insurance companies on the maintenance of own agency networks. " one companies on 70-80 % have updated regular structure, others have closed more than 50 % of divisions, and only the few have continued active regional development ".
On a bank needle
As Alexey Sljusar marks, the life insurance market consists of diverse products. The first category is a brave insurance (protection against accidents, illnesses, death). This insurance tool banks actively use: very often the insurance policy is offered to the borrower of bank " in the complete set " with the credit contract, especially if it is a question of long-term crediting, as, for example, in case of mortgage registration. The second category of insurance products are memory and investment programs. Besides insurance protection such policy provides to the insurer and the certain income on the enclosed means.
according to Vitaly Vertija, at the moment the basic channel of advancement of service of life insurance in Russia is " bankostrahovanie ". On it it is necessary an order of 70-75 % of sales of policies of assurance of life. About 10-15 % occupy corporate sales. And, at last, the rest - 10-15 % - is necessary on sales of policies to private clients through broker and agency networks. This parity, according to the expert, is actual and for the market of life insurance of the south of Russia.
some analysts consider as the extremely dangerous so strong dependence of insurers on bank sector. Any instability of bank system and, as consequence, reduction of volumes of crediting is immediately reflected and in indicators of a segment of life insurance. That, as a matter of fact, also has occurred during the last financially - an economic crisis when gathering of insurance premiums with 22,7 mlrd the rbl. in 2007 has fallen to 15,7 mlrd rbl. in 2009. Considering the disturbing messages arriving now from the world financial markets, repetition of the similar scenario is not excluded.
Besides, rather low share of programs of memory and investment insurance deprives economy of Russia so necessary for it " long " Money. In the West the insurance companies specialising on life insurance, are key investors in national economy. According to Maxim Chumachenko, in the developed countries products of accumulation and financial protection became for a long time the important financial tool allowing not only to give material protection on a case of unforeseen reality situations, but also to provide accumulation to certain term, whether it be payment of training of the child at university, car or real estate purchase, round-the-world travel. " abroad widespread products of memory and investment life insurance (unit - linked) which the population uses for a long time and actively. On such programs it is necessary from 30 % to 50 % of gathering of foreign insurers " - Alexey Sljusar tells. Thus, according to the general director of Open Company SK " Zurich " Nikolay Klekovkina, not so much volume of financial assets, how much average term of investment is important: " Deposits in banks is, as a rule, money for one-two year. Whereas average term of memory insurance programs - 10-15 years. With such time interval it is possible to invest even in long-term national infrastructural projects ". According to the All-Union union of insurers, the volume of the invested insurance reserves in the European countries reaches 10 % from gross national product, in Russia this indicator yet does not exceed 0,1 % from gross national product.
not of own will
Speaking about the reasons of a low share of voluntary memory life insurance in life insurance total amounts, the majority of experts refer to uneasy history of the domestic insurance market. " the basic obstacle in development of this segment in our country - mistrust to the long-term investments, appeared as a result of shocks 90 - h years " - Nikolay Klekovkin marks. The termination of activity of State fear, depreciation of contributions and savings as a result of inflation, a default 1998 - go - here is far year not the full list of the events which have forced inhabitants of our country to spend earned " here and now " or to put means in material actives, such as the earth or real estate.
does not arrange potential insurers and rather low indicator of the guaranteed profitableness under programs of memory and investment life insurance. He speaks legislative restrictions for the insurance companies, from - for which SK cannot invest in brave, but potentially highly remunerative actives as it is done by banks. As a result mid-annual profitableness under policies of memory life insurance in 2011 averaged 3,5-6,5 % at a mid-annual rate of inflation in 6,1 % and the average rate under bank deposits of 6,6 %.
In these conditions competitive advantage in the life insurance market is got by those insurance companies which thanks to the thought over financial policy can offer clients good profitableness under programs of memory insurance. For example, in the lead in the segment in the market of Rostov region SK " the UNION - LIFE " guarantees to clients the income essentially above inflation (on the average on 5-6 %). Following the results of 2011 profitableness under life insurance programs in the company reached 13 % annual. Last year the rate of actual norm of profitableness of one of leading players " Allianz ROSNO Life " for charge of the additional investment income under policies of memory insurance in roubles has made 7,65 % annual, for the policies concluded in US dollars and euro - 5,1 % annual. SK " the Renaissance Life " Has provided norm of profitableness under policies of memory life insurance of 7,5 % annual in roubles, 5,1 % annual in US dollars and euro.
however even if the potential insurer will accept the income under the life insurance program, it should be reconciled with additional risks. Unlike deposits which are protected by the state system of insurance of contributions, the state does not give any guarantees in case of bankruptcy of the insurer. There is no also a practice of charge of tax privileges for holders of policies of memory insurance as it becomes abroad.
these reasons essentially brake development of the market of life insurance in Russia. So, by calculations ASZH, level of penetration of life insurance in the world makes 4 %, in Russia - only 0,05 %.
the Wind of changes
Despite limiting factors, interest of the population to long-term memory and investment programs gradually grows. " It occurs under influence volatilnosti stock market and falling of interest to PIFS, superfluous liquidity in the Russian market and, as consequence, to low rates under deposits which were observed throughout 2011 " - Alexey Sljusar considers. The operating director of Open Company " SK „the Renaissance Life“ " Oleg Kiselyov notices that within last three years memory life insurance in the company shows mid-annual growth in 2,5 times.
serious influence on development of the market of life insurance will render an exit in this segment of large bank structures. So, on October, 17th, 2011 it has been declared purchase by the Savings Bank of 100 % of a share in an authorised capital stock " Aljans Lajf Insurance company ". " It is possible to tell that banks are the locomotive of development of the industry of life insurance, they possess trust of clients and qualitative distribution, - Alexey Sljusar underlines. - Occurrence of such player will contribute in formation of the market, new values of clients, development of culture of consumption of investment and memory life insurance "
In April, 2012 the Association of insurers of life together with the All-Russia union of insurers has presented Strategy of development of life insurance on 2012-2022. In it measures which will allow to force rates of development of the Russian market of life insurance are offered. It is offered to expand, in particular, application of a social tax deduction, having included in it long-term life insurance, to cancel " double " the taxation of incomes from insurance payment when vygodopriobretatelem and the holder of the insurance policy different persons (insurance by parents of children, insurance by spouses each other and etc. are) .
Developers of Strategy speak also about necessity to provide the admission of insurers to participation in system of obligatory pension insurance on the same conditions, as NPF. This step will have important social consequences, having provided stability of pension system and additional protection to citizens.
these and other steps, according to developers of Strategy, will lead to increase in volume of the market of life insurance to level of leading countries of Eastern Europe, will raise a life insurance role in the industry of financial services with growth of a share of life insurance in total amount of the market of insurance a minimum to 50 % and will help to involve " long " not speculative money in economy of Russia. According to the experts, escalating of total amount of actives on life insurance in the long term can reach 1 trln rbl. or 2-3 % from gross national product.
Though such optimistical scenario is possible only with active support from the state, the market, according to experts, will grow even in the event that cardinal changes in the legislation and will not occur. It is contributed by growth of welfare of citizens, expansion of volumes of crediting, increase of interest to long-term memory programs. As Vitaly Verty underlines, substantial growth of volumes of new business by a number of the players who have managed in 2011 as much as possible effectively to optimise the current expenses can become the basic tendency in the near future (in particular, on the maintenance and development of own divisions) to define strategy of the future development and also to offer the existing and potential clients new insurance products.