UKRAINE: total number of paid claims to victims of traffic accidents increased by 10.3% y-o-y in the first quarter

27 May 2020 —
In the first quarter of 2020, the total number of concluded MTPL contracts reached almost 1.8 million units, which represents an increase of 0.5% y-o-y. At the same time, the corresponding GWP amounted to UAH 1.3 billion (~EUR 43 million, +20% y-o-y), as the Motor (Transport) Insurance Bureau (MTIBU) reports.

The total number of claims paid to the victims of traffic accidents increased by 10.3%, while the overall amount of payments went up by 15.1%, to almost UAH 684.3 million. The market leaders in terms of number of concluded contracts and collected premiums and paid claims were ORANTA and TAS. ORANTA stood in the first place in terms of GWP while TAS was the first in terms of paid claims.

The MTIBU Director General, Volodymyr SHEVCHENKO, noted:

"In spite of the crisis creating by the pandemic and quarantine measures, MTPL insurers continued to faithfully and promptly fulfill their obligations to victims of traffic accidents. It is very pleasant to see the constant reduction of claims settlement period, especially seen in relation to the claims paid under the direct loss settlement system. However, the issue of complaints against insurers remains relevant. We want to gradually minimize complaints related to delays in payments for damage caused in accidents, which make the majority of complaints coming to MTIBU. The Bureau is currently working on the implementation of a system for handling complaints against MTPL insurers (MTPL ombudsman). We will make this service free for victims, providing an opportunity to resolve problems promptly, without unnecessary legal and court expenses."

*EUR 1 = UAH 30.2564 (01.04.2020, National Bank of Ukraine)