According to statistical data, in 2013, the gross premiums written by the Russian insurance companies on the MTPL segment reached RUB 135.1 billion. At the same time, the paid claims totalized RUB 78.1 billion, Pavel BUNIN, President of Russian Association of Motor Insurers (RAMI), declared during the International Insurance Forum 2014.

According to BUNIN, "the MTPL segment was the engine of the Russian insurance market. Approximately 2.7 million people received compensations."

Regarding the latest trends on the market, he pointed out that in 2009 the direct MTPL compensation system was introduced on the market. Through this system, the injured party can claim damages from his/ her MTPL insurance company. Afterwards, the company recovers the sum from the MTPL insurer of the guilty party.

The system has been functioning rather well, "thus, in 2013 the claims paid on the MTPL segment through the direct compensation system reached 29% of the total MTPL paid claims, increasing by 26% compared with 2012", Pavel BUNIN added.

"At the moment, the authorities prepare certain regulation changes for the MTPL law. If these are adopted in 2014, the injured party will only claim damages from his/her MTPL insurance company. Afterwards, the insurance company will recover the paid sum from the MTPL insurer of the guilty driver", the President of RAMI explained.

He also pointed out that in 2013, the common MTPL insurance data base was established, being centralized by RAMI, and all insurance companies are required to transfer their insurance contract data to this unique data base in no more than 15 days after the insurance contract was signed. At the moment, the data base includes information regarding 120 million policies, out of which 40 million were written in 2013.

As far as current projects are concerned, Pavel BUNIN mentioned that the authorities are working on the electronic issuing of MTPL insurance policies, which will be implemented in the following 3-5 years.