UKRAINE: MTIBU: from January to September, 9.3% more MTPL contracts concluded than a year earlier

27 November 2023 — Marina MAGNAVAL
In terms of the number of MTPL contracts, concluded for the third quarter of 2023, the TOP 3 includes ORANTA, TAS and Knyazha Vienna Insurance Group. In terms of collected GWP, TAS ranks first, as MTIBU (Motor (Transport) Bureau of Ukraine) reports in its press release.

In 3Q2023, over 2.1 million MTPL contracts were concluded. GWP amounted to UAH 2.5 billion (EUR 63.80 million).

At the end of the third quarter of 2023, insurance companies settled more than 30.4 thousand claims and paid over UAH 910.8 million to victims of road accidents. The leaders in terms of the number of paid claims are TAS, ORANTA and Knyazha Vienna Insurance Group.

For the first three quarters (January-September) of 2023, over 5.7 million MTPL contracts were concluded, which is 9.3% more y-o-y. GWP amounted to UAH 6.3 billion (+27.1%)/~EUR 0.16 billion. Insurers settled 92.5 thousand claims (+11.8%) and paid more than UAH 2.7 billion (+36.1%) to victims of road accidents.

The average time of claim settltment by MTIBU members for damage to property in 3Q2023 was 71 days. In the direct claims settlement system, this period was 27 days (4 days less than the previous quarter).

“Direct claim settlement is an important benefit for insurance consumers. In particular, the settlement period in this system is 2.6 times shorter than in the market. Over the entire period of the system operation (since December 2016), UAH 772 million has been paid to victims. We hope that within a year a new law “On MTPL” will be adopted, which will establish an obligation of direct settlement for all members of MTIBU”, commented the MTIBU General Director Oleksandr Bernazyuk.

*EUR 1 = UAH 39.18 (01.10.2023)