In 2020, Sberbank life insurance made 90,500 payouts worth an aggregate of over RUB10 bn to customers who faced insured events. Of these, RUB700 mn (5k+ payouts) accounted for lung diseases, including those caused by the novel coronavirus.

A total of RUB450 mn in some 3,200 payouts were offered to customers with diagnosed lung diseases triggered by COVID-19 complications. Another 2,000 payouts (RUB250 mn) were caused by lung diseases unrelated to COVID-19.

Russian regions with the biggest volume of payouts caused by lung diseases and COVID-19:

  • Moscow Region (20% of the total volume)
  • St. Petersburg and Leningrad Region (6%)
  • Bashkiria (5%).

Since 2019, the total number of payouts under different insured events grew by 15% while their volume soared by 37%.

The largest volume of payouts was seen among holders of life insurance policies who had taken out consumer loans, credit card holders, mortgage borrowers, and holders of investment life insurance policies.

In 2020, people mostly claimed their payouts in:

  • Moscow Region (7% of claims)
  • Perm Territory (4%)
  • Irkutsk Region and Krasnodar Territory (3% each).

Sberbank life insurance makes payouts to customers in the event of difficult situations related to life or health. Payouts offer financial assistance amid injuries and serious illnesses while being made to repay mortgages or consumer loans partially or fully.

Early data suggest that the total volume of the 2020 payouts made by the company reached RUB46.5 bn. Besides the payouts to cover insured events, the figure also includes payouts covering longevity risks among holders of investment and endowment life insurance policies.

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Sberbank of Russia published this content on 14 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 January 2021 13:21:08 UTC