Citizens were offered dollars – Newspaper Kommersant No. 205 (7406) dated 11/07/2022
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A number of insurance market players have begun to offer their clients investment products with a dollar strategy. The appearance of such policies is caused by demand from customers, insurers assure. However, the majority of market participants are in no hurry to introduce such products, pointing to continuing currency risks. Experts believe that by presenting such policies, insurers will underestimate the risks for higher sales, so customers should be especially careful.
Last week, BCS Life Insurance offered its clients investment life insurance (ILI) policies in US dollars. Rosgosstrakh Zhizn also has a similar product. According to Ivan Denisov, Acting General Director of BCS Life Insurance, ILI in dollars was launched precisely because there is a corresponding demand from customers.
BCS Life Insurance draws up a five-year policy, where funds are invested in companies in the American technology sector with diversification by industry. The insurer does not guarantee profitability. Rosgosstrakh Life offers a product in dollars for a period of three years with a fixed yield of about 3% per annum. At the same time, it was released on the Russian infrastructure, the company explains.
Other insurers, however, are in no hurry to introduce products in dollars. According to Andrei Chuiko, CEO of RSHB-Life Insurance, the use of currencies of unfriendly countries and assets denominated in them currently carries infrastructure risks, so the use of currencies from friendly jurisdictions, in particular the Chinese yuan, is more promising.
A number of insurers have already launched similar products (see Kommersant of October 18). Sovcombank Life noted that the company does not sell products in dollars and cannot launch them due to sanctions. Sberbank Life Insurance, RESO-Garantiya and Capital Life Life Insurance also do not plan to withdraw ILI with a strategy in dollars.
Experts also consider dollar products risky in the current environment. According to the Chairman of the Board of the International Confederation of Consumer Societies (ConfOP) Dmitry Yanin, in general, buying shares is a risky investment, where the probability of losing the investment is very high, the same applies to bonds, which are not 100% protected paper and do not give any guarantee that that if the company goes bankrupt, it will pay its investors. Aleksey Yanin, managing director for ratings of insurance and investment companies at Expert RA, adds that no one has canceled currency risks.
Experts advise customers to be careful when purchasing products in “unfriendly currencies”. “The insurer guarantees the payment of fixed capital and bears insurance risks, and investment risks in terms of obtaining additional income under ILI agreements fall on the insured,” explains Tatyana Nikitina, senior director of NRA financial companies ratings. “Additional investment income is paid if certain conditions for its receipt are met, Difficulties may also arise if you wish to terminate the contract before its expiration date, since in this case the client may receive an amount less than the amount invested.
Dmitry Yanin notes that insurance companies will sell new products to get new customers, but “it seems that Russian investors are disappointed in the financial market, since most of them have lost their money this year.” And this means, says Mr. Yanin, that buyers, “most likely, will be misinformed, deliberately underestimate the volume of risks.” Life insurance is not a bank deposit, it is very important here that the product is offered to the right audience and there is no misselling, emphasizes Alexei Yanin. The Central Bank reported that the regulator has already begun to “analyze the risks” of investment products with a strategy in dollars for both policyholders and insurers themselves, noting that any investment in the currencies of unfriendly countries carries increased risks.
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