Andrey Maltsev
Deputy CEO, Norde Bank
Insurance of debitor’s liability for the first time appeared in the USA by the end of the 19th century. In Russia the mentioned type of insurance has started to develop since 2010 already after and when the banks and the debitors came across with the crisis of default in payment due to the loss of profit by debitors, the fall of the price of collateral property and emergence of losses on loans. Today nobody expects repetition of the crisis in that shape, which occurred in 2008. Still, given the need for further growth of accessibility of mortgage in the complicated economical situation, when rates growth and lowering of savings possibility, insurance of debitor’s liability gives the latter the potential to purchase own property on mortgage with minimal initial deposit. But it is worth to mention that well thought-out and weighed loan policy stays at the foreground, which in long-term perspective can deliver far more yields.
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Mikhayil Manchurak
“BIN Insurance”, Director General
For banks the availability of guarantee of loan recurrency by the client, who may get into a vital difficult situation, is important. The contract of mortgage insurance acts as the guarantor. The demand for the product confirms the figures: rate of growth of insurers’ dues in the first half of 2014 as compared with the analogous period of 2013 made 19% (increment of gathered bonus in 2012 against 2011 made around 11%).
Reduction of the mortgage insurance market is not forecast and according to our evaluation this product will be one of the prioritized ones in insurance business. Nevertheless, it is necessary to take into account that development of mortgage insurance directly depends on the dynamics of the mortgage loans market in Russia.
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Evgeniya Samardak
MDM Bank, Head of Retail Business Department
Presently, the property collateral is the most reliable option for securing long-term credits with high sums and the property collateral by itself reduces the risk-component of the bank, thus permitting to preserve the lowest rate on the loan market for physical entities.
In such conditions aside from the collateral the bank does not own anything else; that is why the bank will always be interested in preservation of the collateral. With this regard as of today the mortgage insurance of the collateral is quite timely. Life and health insurance act as social insurance – as an alternative for the sale of the collateral in case of debitor’s passing away or loss of the ability to work.
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