UKRAINE: MTPL market decreased by 13% in the first half of the year

21 September 2022 — Marina MAGNAVAL
MTPL market in Ukraine in January-June 2022 decreased by 13.4% to UAH 2.9 billion (~EUR 93.91 million). At the same time, insurance companies-members of the MTIBU (Motor Transport Insurance Bureau of Ukraine) concluded 28.1% fewer MTPL agreements than a year earlier for the same period, Forinsurer wrote.

MTIBU noted that since April 2022, the decline on the MTPL market has slowed down. The number of contracts concluded for 6 months amounted to 3.1 million units, having decreased by 28.1% y-o-y.

Insurers settled 56.1 thousand claims (-33.5%), payments to victims of road accidents exceeded UAH 1.3 billion (-23.5%).

The number of e-MTPL policies reached 1.8 million units. GWP under electronic contracts amounted to UAH 1.9 billion, which is 65% of the total MTPL premiums. The share of electronic policies in the total number of MTPL agreements was 59%.

Among the reasons for the market contraction, the Bureau notes destruction of some cars due to the war, departure of many car owners abroad, i.e. reduction of the vehicle fleet used on the territory of Ukraine.

*EUR 1 = UAH 30.88 (01.07.2022)

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