UKRAINE: 24 MTPL insurers received the highest rating from MTIBU in 4Q2019

8 April 2020 — Marina MAGNAVAL
In 4Q2019 the speed of claim settlement and the quality of MTPL insurers' work improved, according to the Motor (Transport) Insurance Bureau of Ukraine (MTIBU).

During the mentioned period, the insurers-members of MTIBU issued 1.9 million insurance contracts, GWP under which amounted close to UAH 1.4 billion (~EUR 53 million). The number of settled claims reached almost 38.8 thousand, under which insurers paid about UAH 705.2 million.

In terms of number of issued contracts and generated MTPL GWP, the leading positions were taken by ORANTA, TAS, UPSK, while TOP-3 ranking in terms of paid claims in the fourth quarter was taken by TAS, ORANTA and USI.

The average period of claim settlement for property damage decreased by 7 days (to 70 days) compared to 3Q2019. Under the system of direct loss settlement, the average period for indemnity payment was 47 days, which is 12 days less than a quarter before. MTIBU also noted a decrease in the number of complaints against insurers - during 4Q2019 the Bureau received 47 complaints less than in 3Q2019.

According to the results of the fourth quarter, 24 insurers received the highest rating from MTIBU, and no company got a negative figure for "Assessment of the insurer's activity". Only 4 companies received unsatisfactory ratings related to "Quality of claim settlement", and the same number of companies got such a rating for the "Level of complaints from victims and policyholders" (in both cases total number of unsatisfactory ratings decreased by 1 position compared to 3Q2019).

"The insurers' results in the fourth quarter of last year are positive. We are observing a comprehensive improvement of figures indicating the quality of claim settlement and service of insurance companies, reduction of settlement periods as well as the number and level of complaints. Now, during this crisis caused by the pandemic COVID-19, it is really important to make consumers of insurance services understand that they have reasons to trust MTPL insurers. Insurance companies will make all efforts to timely fulfill obligations to victims without jeopardizing their health", MTIBU Director General Volodymyr SHEVCHENKO said.

* EUR 1 = UAH 26.422 (December 31st, 2019)

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