UKRAINE: MTPL GWP in January-February increased by more than 22%, while paid claims – by 41% y-o-y

27 March 2024 — Marina MAGNAVAL
In the first two months of 2024, Ukrainian insurance companies concluded 1,124.1 thousand MTPL contracts, which is 2.37% more y-o-y. In January-February 2024, total GWP in the segment amounted to UAH 1.43 billion (+22.6%)/~EUR 34.63 million, according to the Motor (Transport) Insurance Bureau of Ukraine (MTIBU).

Since the beginning of the year, insurance companies have paid UAH 802.8 million to road accident victims and settled 24,928 claims. Compared to January-February 2023, the number of settled claims increased by 23.8%, and total compensation rose by 41%. At the same time, the number of claims settled using European Accident Statement increased by 8.5%.

Recently, a meeting was held with the management of the National Bank of Ukraine (NBU) and members of the presidium and the management of MTIBU to discuss the MTPL market and its prospects. “Growth and innovation of the entire insurance industry, which in 2022–2023 accounted for a quarter of the total insurance market portfolio, depends on the actions of insurers - members of MTIBU”, noted Chairman of the National Bank of Ukraine Andrey Pyshny.

During the meeting, it was noted that the MTPL market is already tending to restore pre-war indicators and is showing slight growth. However, since 2022, the number of insurers engaged in MTPL in Ukraine has decreased from 42 to 33 companies. During this period, 9 insurers left the market: two of them voluntarily, and seven after the application of measures from the NBU.

*EUR 1 = UAH 41.29 (as of 01.03.2024)