Mortgage insurance in 2008. become one of the fastest growing insurance products

The situation in the mortgage insurance market discussed at the round table in the Agency Business News on Thursday, February 7. Experts estimate that by the end of this year, premiums for mortgage lending will increase from 3 to 4.5 billion rubles. Along with the growth of bank loans will also increase fees for mortgage insurance as well as buying an insurance policy is a prerequisite for obtaining a mortgage loan. At the end of 2007, premiums on insurance risk mortgage borrowers is about 2.5 billion rubles. "Mortgage insurance this year will be one of the fastest growing insurance products", - thinks the representative SC "Russian World" Marina Bogdanova. The vast majority of mortgage programs include three types of risk: title insurance property, life and health insurance and the borrower's property to be acquired. "Property insurance, life and health of the borrower - the mandatory conditions of the loan. Title insurance - risk of loss of ownership of real estate - gradually fades into the background. And some banks will not need this type of insurance," - said director of sales from the "Region" Michael Mezhenik. According to him, the cooperation of banks and insurers have recently begun to develop more actively: "Banks are moving away from a narrow range of accreditation and insurance companies are beginning to take certificates of different companies." The expert believes that the development of cooperation between banks and insurers primarily benefit borrowers. "Companies entering the competition, are forced to offer more attractive and interesting for the customer's terms," ​​- said M. Mezhenik. According to the insurance companies, mortgage rates are now at risk an average of 1.2-1.3 per cent of the value of the debt under a contract of mortgage lending and there is even a slight tendency to reduce them. It is connected with the rejuvenation of the age of borrowers, which reduces the risks. Mortgage loans have become increasingly take people up to 40 years. The roundtable participants drew journalists' attention to the fact that the legally required insurance is only of the collateral, that is acquired through a loan from the apartments damaged or destroyed. This is part of a package of mortgage insurance require all banks without exception. According to experts, the demand deposit insurance contributes to the development of property insurance, the insurers as a separate product. "Property insurance in Russia develops mainly due to the fact that is a prerequisite for obtaining a mortgage loan," - said the expert of the Center Property Insurance SC "Russian world" Konstantin Volkov. However, in his opinion, property insurance, as a separate insurance product, "will soon take for granted all the same place in Russian life." "Acquainted with the work of insurance companies through mortgages, Russians are increasingly looking to the insurance of their property", - said K. Volkov. In his view, the Russians appear interested in insurance city apartments and country houses. "Worn-out communication in city apartments or the need to heat the prolonged absence of this interest," - T. Chachanova agreed. Next, representatives of insurance companies have commented on the recent decision of the Supreme Arbitration Court of the ban to include in the loan structure of compulsory insurance of life and health of the borrower. According to the Head of SG "Spassky Gate," Tatiana Chachanovoy, tightening the ban on compulsory insurance of life may lead to the fact that "banks will just shuffle the risks to borrowers themselves." Innovation will increase the interest rate on your mortgage by 2-3 percent due to increased risks of credit institutions, especially when you make a loan for older people. But most likely the interest will grow even more, because insurance companies are more professionally run risks. Not be ruled out that banks will often refuse to mortgage citizens "50." "Guarantee Insurance Company to pay the loan in case of death or disability benefits both the borrower's bank, and customers", - said Mikhail Bogdanov. Banks insist on life insurance for a mortgage, because credit is taken for a long time and risks of this are very high. When credit life insurance, banks and insurance companies share risks among themselves. The round table was attended by: - ​​Michael Mezhenik Germanovich - Director of Sales OJSC "Region" - Chachanova Tatiana - head of the Citizens Property Insurance SG "Spassky Gate" - Konstantin V. Volkov - expert at the Center property insurance SC "Russian world"; - Marina Bogdanova G. - Head of Public Affairs SC "Russian world".