UKRAINE: for 11M2021 MTPL market increased 17% and Green Card - 34% y-o-y

25 January 2022 — Marina MAGNAVAL
For the period from January to November 2021, the number of MTPL contracts concluded in Ukraine amounted to 8.24 million units, which is 8.38% more y-o-y.

At the same time, the number of e-policies grew by 48% from 2.79 million to 4.12 million units, making the share of e-MTPL contracts 50% of the total number of MTPL policies sold, Forinsurer reports.

MTPL GWP increased by 16.6% to UAH 6.5 billion/EUR 0.21 billion*, including UAH 3.61 billion collected from electronic policies (+55.6%). Paid claims in the segment increased by 27.6% to UAH 3.27 billion, including payments based on European Accident Statement of UAH 606 million (+34.2%).

In terms of the number of concluded MTPL contracts the TOP-3 leaders are ORANTA, TAS and KNYAZHA, and the leaders in claim settlement are TAS, ORANTA and UPSK.

Green Card segment for the period under review recorded an increase of almost 34% to UAH 1.47 billion. The number of concluded contracts in January-November 2021 increased by 27% from 554.2 thousand to 704.7 thousand units. Under Green Card insurance contracts, 4.8 thousand claims were settled in the amount of EUR 12 million.

The growth in 2021 was recorded despite some reduction in the number of MTIBU member insurers, the Bureau said. According to the Motor (Transport) Insurance Bureau of Ukraine, last year six insurance companies, selling domestic MTPL policies, left the Ukrainian MTPL market. Most of the companies did not comply with the regulatory requirements of the NBU (National Bank) and had their licenses revoked, some refused membership of their own free will.

Now, in 2022, there are 42 insurers operating in the MTPL market of Ukraine, including 11 insurers - full members of the Bureau (MTIBU), who have the right to sell Green Card policies.

*at the following exchange rate:

1 EUR = 30.9221 UAH (01.12.2021)

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