Expands its activities: Libra enters the life insurance market

The digital insurance company announces the receipt of the license to market life insurance from the insurance commissioner.

Libra is expected to launch in the coming months mortgage insurance that includes building insurance and life insurance.

In the future, Libra plans to expand its activities to the pure savings sector as well, and market personal savings plans

Walla!

Of money

08/21/2022

Sunday, August 21, 2022, 1:28 p.m

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The insurance company Libra, which since its establishment about four years ago, has changed the face of the insurance industry in Israel and led consumer revolutions including the revolution in car insurance nomadism, changing the pricing model in the industry to mileage-based pricing, pet insurance with online claims payment and more, announced this morning its entry into the insurance sector Haim (risk and mortgage), and undertakes to bring good news to the consumer in this area as well and to maintain the price advantage as in the rest of the company's products.

Libra will also bring about a significant change in the field of life insurance, while increasing competition and innovation for the benefit of the insured public in Israel.

Now, with the receipt of the life insurance license, Libra intends to offer a supplemental mortgage insurance product that includes both building insurance and life insurance, where unlike the other companies operating in the field, it will be possible to purchase both the building insurance and the life insurance in the same process.

As a result, the insured will be able to enjoy a significant price advantage.

The main target population is the apartment buyers who will secure a life (mortgage) + building in Libra.

In the future, Libra plans to expand its activities to the pure savings sector as well, and to market personal savings plans in various investment paths.

Similar to the company's other insurance products, also in the risk products that the company will launch, consumers will benefit from the possibility of purchasing insurance digitally in an accessible and easy way, through a simple process in which the questions guide the user, so that everyone can tailor the insurance according to their needs and the insurance is priced accordingly.

Etti Elishkov, CEO of Libra (Photo: Reuven Castro)

Eti Elishkov, founder and CEO of the insurance company Libra

said: "After four years of activity in which we at Libra lead revolutions in the insurance industry in Israel, we intend to continue offering market-breaking prices in the field of life insurance as well.

Through the risk insurances, the company's customers will be able to enjoy a complementary product that includes both structure and life and enjoy the prices they have become accustomed to in Libra, all this alongside an accessible and clear digital procedure."

In the past year, the tremendous demand in the residential real estate industry in Israel led to a jump in the volume of mortgages. The volume of mortgage loans granted by the banks during 2021 amounted to a record 116 billion NIS, a jump of 49% compared to 2020. The total number of mortgages granted so far in 2022 stands at 34.622 billion NIS, a 55% increase compared to the corresponding period last year, when the volume of mortgages was NIS 22.326 billion.

Despite the increase in interest rates, economists predict that the market will continue to be the main engine of the economy and its potential is worth millions.

As a result of the increase in the volume of mortgages, the potential in the mortgage insurance market is also expected to continue to grow accordingly.

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