Around every fourth installment loan in Germany is now insured. Almost three quarters of policyholders are satisfied with their policy.
The proportion of German citizens who insure their installment loan has increased. This was the result of a current survey by the market research institute Ipsos on behalf of the banking association among more than 1,900 households. Accordingly, the proportion of insured loans increased from 23 to 27 percent. The so-called residual credit insurance (RKV) is used when consumers want to protect themselves against unemployment or death when repaying a consumer loan. “In times of corona, consumers’ need for security increases,” says Jens Loa, managing director of the banking association, commenting on the development.
In the survey, a majority of 73 percent of those questioned were also satisfied with their insurance. This corresponds to an increase of seven percent compared to the previous year and an increase of 17 percent compared to 2014. In 2020, only five percent expressed dissatisfaction; 22 percent were neutral. In 2014 these values were 13 and 31 percent respectively. “The finance and insurance industry has further improved payment protection insurance in the past few years in the interests of consumers,” states Loa. (aw)
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