UBRD Borrowers Get RUR 25.2m in Insurance Payments

5 July 2018 (09:14)

UrBC, Yekaterinburg, July 5, 2018. The Ural Bank for Reconstruction & Development’s customers got more than RUR 25.2m back as insurance payments this year; this exceeds the figures for one year earlier by 100%.

‘These funds were used to handle the borrowers’ financial issues in case of insured events and let them keep making their loan repayments or redeem the entire amount,’ the bank’s press service reports.

The main reason the insurance payments went up is that the borrowing parties grew more financially and legally literate and are now more proactive in applying for insurance money. Mostly, customers buy life and health insurance and job loss policies. Death happens to be the most common insured event (with relatives applying for repayments) and is behind 58% of cases; disability is behind 25.5% of cases, while job loss, temporary disability, and survival are behind 14.2%, 1.3%, and 1% of cases, respectively.

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