“Elements are introduced liberalization in the execution of the CTP, it is possible to acquire insurance policy for three years and to obtain insurance of the type “gold”. Will be able to buy OSAGO plus KASKO in one contract, i.e. comprehensive car insurance,” — said in an interview to “RIA Novosti” Deputy Finance Minister Alexei Moiseev. According to him, new products can be introduced after the adoption of the new bill “in the liberalization of tariffs OSAGO”.
Now the contract of compulsory third party liability insurance can be issued for a period of three months to a year, according to the law № 40-FZ (on compulsory insurance of civil liability of vehicle owners). United policyholders hull and CTP do not exist.
surveyed the top 10 insurance companies for premiums for insurance (based on data of the Central Bank) about the initiatives, listed by the Ministry of Finance. Participants of the market ambiguously estimate them.
The pros and cons
“The Ministry of Finance announced measures will help to streamline the CTP market, to promote the liberalization of tariffs and in General cause the approval of insurers and analysts”, — said the representative of “AlfaStrakhovanie”, noting that in General his company endorses the initiative.
However, the lack of detail in the announcement of the Ministry of Finance, much will depend on how these ideas will be implemented, indicate market participants. “If the new bill, it will be selling insurance for three years by mutual agreement of the client and the insurance company, this will mean a net liberalization and more market conditions”, — said the managing Director of ratings of insurance companies “Expert RA” Alexey Yanin. But if it will be mandatory consent of the insurer to issue the policy for three years at the request of the client, it will only benefit the car owner, he said. “The insurers there would be difficulties if they have no choice,” explains Janine. In particular, calculate the risks, and the creation of reserves for them for the next three years is more difficult than for a year, he explains.
The Union of two policies hull and CTP in one also at first glance seems insurers a good idea. “We are talking about the possibility of more flexible tariff setting by combining two risks in a single insurance policy that will not be contrary to law,” — said the Director of the group ratings of financial institutions of an ACRE Alexey Bredikhin. “The combination of policies may be an attempt to reduce losses of insurers from insurance, since hull insurance is more profitable,” adds the head of a large insurance company. “The insurer will be able to get from the client money directly for hull and CTP and offset one over the other,” he said.
However, there are obvious disadvantages in these initiatives, experts say. Development Director of insurance IC “MAKS” Sergey Pechnikov believes that to pay for the insurance policy for three years can not all. “In addition, such innovation can take place only if the transition to free rates. Otherwise, taking into account currency fluctuations and inflation, there will be additional burden on the insurance industry at the expense of worsening the situation with the unprofitability,” he adds.
Speaking about three-year insurance policy, market participants indicate: the question remains of inspection, the successful completion of which is the basis for the issuance of the policy. Whether to lengthen the interval between inspections for older vehicles (currently year) by increasing the validity period of the insurance policy — the key issue from the point of view of traffic safety, indicate market participants.
Not a panacea
The effect of the proposed MOF measures will, of course, but the core issue of the loss of the CTP segment for insurers — all the innovations will not solve, according to insurers.
According to Alexey Bredikhin, you must first overcome the crisis in insurance, where the main pain points — the rates and availability of huge losses in “toxic” regions. “In addition, insurers in connection with these innovations will have to upgrade IT-component system, which will require expenditures and additional resources for improving sales systems, and even simple calculators on insurance websites,” says Director of retail business OSAO “Ingosstrakh” Vitaly Knyaginichev.
According to a source familiar with the situation in the auto insurance market, the initiative of renewal of insurance could even worsen the current situation, as it will deprive the insurance companies of the ability to refuse problematic customers after the first year of service, forcing the insurer to keep them for three years. In addition, this initiative can contribute to the emergence of unscrupulous companies that the money collected from the customers for three years, then fade into obscurity, the fear of the interlocutor .
Followed the statements of the Ministry of Finance and unambiguous reaction from the direct regulator of the insurance market in the face of Bank of Russia. The Central Bank said that a comprehensive proposal on the proposals of the Ministry of Finance, the regulator has not yet received. “The individual elements of the presented innovations require economic justification, which we also did not see”, — said the representative of the press service of the Central Bank.