UKRAINE: from January to April the MTPL market grows by almost 27% y-o-y

11 June 2024 — Marina MAGNAVAL
From January to April 2024, the Ukrainian MTPL market grew by 26.7% to UAH 2.9 billion (~EUR 68.41 million), including premiums collected under e-policies, which increased by 41% to UAH 2.32 billion.

The number of MTPL contracts that entered into force during this period increased by 5.66% to 2.3 million units, of which 1.7 million units were issued electronically (+20%), according to the MTIBU (Motor Transport Insurance Bureau of Ukraine) report.

According to the NBU (National Bank), motor insurance was the main market growth driver in 2023: MTPL, Green Card, Motor Hull together accounted for more than half of the total GWP (52% or UAH 24.4 billion). Paid claims in these classes also rose - on Green Card policies by 137%, MTPL (+37%) and Motor Hull (+22%).

For January-April 2024, Ukrainian insurers paid UAH 1.59 billion (~EUR 37.51 million) to victims of road accidents, which is 34% more y-o-y. The largest amount was paid for damage caused to property - UAH 1.12 billion (+39.6%).

The number of claims settled by insurance compensation in the first four months of this year increased by 20.3% to 48.9 thousand cases.

MTIBU notes that the number of Green Card policies in January-April 2024 decreased by 8.9%. According to the Bureau, total premiums under international contracts amounted to UAH 1.68 billion, which indicates a slight increase of 3.8% y-o-y due to an increase in the policy cost for a period of 15 days by 12%, and an annual one - by almost 40%.

During the period, paid claims on Green Card policies amounted to EUR 16.8 million (+21.5%). This dynamic is associated with a significant increase in the number of cars with Ukrainian registration and traffic accidents caused by Ukrainian drivers abroad, Forinsurer wrote.

*EUR 1 = UAH 42.39 (April 30, 2024)