FOCUS SHORT

More interest in mortgage insurance

SLOVAKS holding mortgages on their homes are increasingly also purchasing insurance policies that protect against circumstances that would prevent a mortgage-holder from making repayments. VÚB Banka reported that 40 percent of its customers have this kind of insurance, while Slovenská Sporiteľňa said about one-third of its mortgage-holders had bought this protection, the SITA newswire wrote.

SLOVAKS holding mortgages on their homes are increasingly also purchasing insurance policies that protect against circumstances that would prevent a mortgage-holder from making repayments. VÚB Banka reported that 40 percent of its customers have this kind of insurance, while Slovenská Sporiteľňa said about one-third of its mortgage-holders had bought this protection, the SITA newswire wrote.

“We believe interest in this kind of insurance will go up,” said Štefan Frimmer, spokesperson for Slovenská Sporiteľňa, adding that customers realise that during the period of a long-term loan they may encounter a situation in which insurance can help them repay a loan, for instance during a disability or after their death.

ČSOB, another bank, has also registered increased interest in this insurance product. In response to the higher demand it has extended its coverage to disability caused by disease along with disability caused by an accident.

Dana Škublová from ČSOB commented that with this kind of insurance “if a client dies or becomes disabled, the insurance company will settle the rest of the loan with the bank”.

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