Against the backdrop of sanctions and restrictions on the use of the dollar and the euro, companies began to massively launch investment and endowment life insurance products (LIS and UI) in the currencies of friendly countries. Such instruments in yuan are already offered by SberInsurance Life, Rosgosstrakh Life, AlfaStrakhovanie-Life, Ingosstrakh-Life, U-Life. Their representatives told Izvestia about this. Guaranteed income on policies in Chinese currency will be from 1.5 to 3.1%, and the contract is concluded for a period of one year.
Capital Life is now considering launching programs in yuan and Hong Kong dollars, the company’s press service said. And at U-Life, at the request of the client, they are ready to issue a policy denominated in Kazakhstani tenge, the Belarusian ruble and a number of other currencies, the organization said. The launch of products in the currencies of friendly countries is now also being considered by Ingosstrakh-Life and AlfaStrakhovanie-Life.
The trend was confirmed by the Central Bank. They added: insurers should not shift sanctions risks to customers and, due to this, refuse to pay additional investment income.
The use of currencies of friendly countries will expand, but in the short term they will not be able to become a full-fledged replacement for the currencies of developed countries, said Tatyana Nikitina, senior director of ratings for financial companies at the NRA. She warned that the volatility of alternative currencies could also negatively affect the return on investment.
Read more in the exclusive Izvestia article:
Save and Save: Life Insurers Switch to Friendly Currencies
