UKRAINE: MTPL GWP in 2Q2020 increased by almost 20% y-o-y

20 August 2020 — Marina MAGNAVAL
The number of MTPL contracts concluded in 2Q2020 amounted to 2.26 million units, which is almost at the same level as the prior year. MTPL GWP reached UAH 1.6 billion (~EUR 53.9 million*), which in local currency is 19.9% more y-o-y, as Motor (Transport) Insurance Bureau of Ukraine (MTIBU) informed on its website.

The number of settled claims from victims of road accidents decreased by 8.7% y-o-y in 2Q2020. However, the amount of paid claims remained practically unchanged (-1%), its value being UAH 602 million. According to MTIBU, a decrease in the number of settled claims was mainly attributable to the reduction of accidents due to quarantine measures.

The leaders in terms of the number of concluded contracts and gross premiums written were NASK, ORANTA, TAS and UPSK. TOP-3 group remained the same for several quarters in a row, only their positions are interchanging.

MTIBU noted that despite the impact of quarantine measures, MTPL insurers have improved the speed of claim settlement y-o-y: the average settlement period decreased by 2 days when compared to 2Q2019, and within the direct settlement system even by 13 days.

Speaking about declining economic activity during the pandemic, Vladimir SHEVCHENKO, General director of MTIBU, emphasized:

"MTPL segment has withstood the blow. Analyzing performance indicators of insurers, we note that under these challenging conditions they were able to even improve quality of settlement, which is evidenced by decreasing number of complaints..."

* for the following exchange rate:
1 EUR = 29.8677 UAH (July 1st, 2020)

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