Life insurance: more than 5.9 billion USD unclaimed by beneficiaries

The supervisory prudential and resolution authorities (ACPR) have revealed that the sums due to beneficiaries of life insurance contracts, following decease of the insured and not claimed, amounted to 5.4 billion EUR (5.9 billion USD) by December 31, 2015. These sums reflect the position of 28 key life insurance companies, that is 90% of the market.

The amount of unclaimed contracts is growing steadily because their inventory has not been completed yet. In accordance with the Eckert law, the indemnities due and unclaimed for more than 10 years will be transferred to the Deposit Fund. According to ACPR’s assessment, these sums represent 1.3 billion EUR (1.4 billion USD) in the second half of 2016.

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