LONDON (Alliance News) - Russian credit card provider TCS Group Holding PLC Monday said it has launched its property insurance products to the mass market, marking the first stage of its expansion plans for 2014.
It said TCS Bank and Tinkoff Online Insurance will launch the products to the bank's clients and the Russian mass market.
The new product offering comes within months of Tinkoff Online Insurance beginning to offer personal accident insurance to TCS Bank's clients in September 2013.
"We are extremely pleased with the take up of the personal accident insurance product among TCS Bank's customers. Since its launch in September 2013 we have sold over 200,000 policies," Oliver Hughes, chief executive of TCS Bank, said in a statement.
Fedor Voronin, chief operating officer of Tinkoff Online Insurance, added that its property insurance is affordable and tailored for an "underserved" domestic market, where the company thinks there are "considerable" prospects for growth.
In the second half of 2014, the group will launch online sales of its personal accident and property insurance products, while it also will start to offer new travel insurance online to the mass market.
TCS Holding said it expects to add motor insurance to the products it offers at some point in 2014.
TCS Holding GDRs were Monday quoted at USD11.46, up USD0.56, or 5.1%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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