Business news from Ukraine

MTIBU member insurers increased collection of CMTPL payments by 26.7%, payments – by 34.3%

23 May , 2024  

In January-April 2024, insurance companies-members of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU) concluded 2.307 million contracts of compulsory insurance of civil liability of owners of land vehicles (CTP), which is 5.66% more than in the same period in 2023.

According to the data published on the MTIBU website, 1.708 million contracts were concluded in electronic form (20% more).

In the first four months of 2024, the Bureau’s members increased the collection of insurance premiums under MTPL policies by 26.74% compared to the same period in 2023 – up to UAH 2.904 billion, including UAH 2.319 billion (+41.3%) under electronic contracts.

The average insurance premium under MOTPL contracts is UAH 1,259 thousand.

The total amount of accrued insurance claims under domestic insurance contracts increased by 34.26% to UAH 1.501 billion, including UAH 308.5 million paid using the Europrotocol (+24.25%).

The Bureau also recorded a 40.6% increase in the number of settled insurance claims to 48.9 thousand, including 17.3 thousand claims paid using the Europrotocol (+15.6%).

The average payment for property amounted to UAH 40,190 thousand, for the Europrotocol – UAH 17,62 thousand, for health – UAH 54,974 thousand.

MTIBU is the only association of insurers in Ukraine that provides compulsory insurance of civil liability of owners of land vehicles for damage caused to third parties. The Bureau’s members include 35 insurance companies.