The Motor (Transport) Insurance Bureau of Ukraine (MTIBU) has excluded U.B.I.-COOP Insurance Group (Kyiv) from the associated members of the Bureau.
As reported on the MTIBU website, the reason for this decision was the insurer’s debt to pay the guarantee fee to the MTIBU funds.
In this regard, from September 1, the company has no right to conclude contracts for compulsory civil liability insurance of land vehicle owners (OSAGO).
At the same time, the Bureau notes that the termination of U.B.I.-COOP insurer’s membership in MTIBU does not relieve the insurer from fulfilling obligations under the OSAGO contracts concluded by it.
As reported, the rating agencies Standard-Rating and Expert-Rating at the end of April 2021 decided to suspend the financial stability rating of U.B.I.-COOP Insurance Group due to the temporary suspension of all licenses of the insurer by the National Bank of Ukraine on April 19, 2021.
U.B.I.-COOP, registered in 2000, specializes in providing services in the field of risk insurance.
The Motor (Transport) Insurance Bureau of Ukraine has excluded U.S.I. insurance company (Kyiv) and Kharkiv Municipal Insurance Company from the bureau’s associate members, the MTIBU told Interfax-Ukraine
The reason for this decision was the two-month indebtedness of the insurers to pay the guarantee fee to the MTIBU’s funds.
As reported, on April 20, 2021, the MTIBU reported that U.S.I. loses the right to conclude new contracts of compulsory insurance of civil liability of land vehicle owners (OSAGO), since a day earlier the NBU applied to it a measure in the form of suspension of licenses to carry out activities. For failure by the company to meet the solvency and capital adequacy standards, as well as the riskiness of operations, the formed insurance reserves were not placed in certain categories of eligible assets in full.
According to the data of the bureau, U.S.I. in 2020 entered into 87,050 contracts, premiums for which amounted to UAH 65.868 million, and paid to clients UAH 12.713 million.
Kharkiv Municipal Insurance Company in the first quarter of 2021 raised UAH 6.3 million of gross insurance premiums for OSAGO, paid UAH 1.33 million.
Insurance companies that are members of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU) in January-April 2021 increased the collection of insurance payments under the policies of compulsory insurance of land vehicle owners’ civil liability (OSAGO) by 15.67% compared to the same period in 2020, to UAH 2.103 billion, including under electronic contracts in the amount of UAH 1.074 billion, which is 63.29% more than in 2020.
During this period, the companies entered into 2.775 million OSAGO contracts, which is 10.45% more than in the same period in 2020. Out of the total volume of agreements, some 1.28 million were concluded in electronic format, which is 61.06% more than in the first four months of 2020.
According to the data published on the MTIBU website, the total amount of accrued insurance claims under internal insurance agreements in January-April 2021 grew by 32.57%, to UAH 1.177 billion. In particular, UAH 220.439 million was paid using the European road accident reports, which is 42.75% more than in 2020.
The bureau also recorded an increase in the number of settled claims for insurance compensation by 22.47%, to 58,182, including 20,947 with the use of European road accident reports (30% more).
The MTIBU is the only association of insurers that provides compulsory insurance of land vehicle owners’ civil liability for damage caused to third parties. The bureau members are 48 insurance companies.
Insurance companies that are members of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU) in January-March 2021 increased the collection of insurance payments under the policies of compulsory insurance of land vehicle owners’ civil liability (OSAGO) by 13% compared to the same period in 2020, to UAH 1.670 billion, including under electronic contracts in the amount of UAH 744.4 million, which is 65.2% more than in 2020.
During this period, the companies entered into 1.913 million OSAGO agreements, which is 7.7% more than in the same period in 2020. Out of the total volume of agreements, some 877,743 were concluded in electronic format, which is 62.6% more than in the three months of 2020.
According to the data published on the MTIBU website, the total amount of accrued insurance claims under internal insurance agreements in January-March 2021 increased by 26%, to UAH 862 million. In particular, UAH 162.3 million was paid using the European road accident record forms, which is 32% more than in 2020.
The bureau also recorded an increase in the number of settled claims for insurance compensation by 14%, to 42,763, including with the use of European road accident record forms 15,450 (more by 18%).
The MTIBU is the only association of insurers that provides compulsory insurance of land vehicle owners’ civil liability for damage caused to third parties. The bureau members are 48 insurance companies.
Insurance companies that are members of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU) in January-February 2021 signed 1.159 million contracts of compulsory insurance of land vehicle owners’ civil liability (OSAGO), which is 2% more than for the same period a year earlier.
According to the data published on the MTIBU’s website, out of the total volume of contracts, 528,400 were concluded in an electronic format, which is 56.8% more than in the two months of 2020.
The members of the bureau increased the collection of insurance premiums under OSAGO policies by 7.4% compared to the same period last year, to UAH 899.7 million, including under electronic contracts – in the amount of UAH 450.9 million, which is 60.4% more than a year earlier.
The total amount of accrued insurance claims under internal insurance contracts in January-February 2021 increased by 18.8%, to UAH 538.4 million, including UAH 99.9 million paid using European road accident record forms, which is 18% more than a year earlier.
The bureau also recorded an increase in the number of settled claims for insurance compensation by 4.8%, to 26,400, including with the use of European road accident record forms – 9,529 (more by 6.2%).
The MTIBU is the only association of insurers that provides compulsory insurance of land vehicle owners’ civil liability for damage caused to third parties. The bureau members are 48 insurance companies.
Some 76.7% of OSAGO claims in Ukraine were settled within 90 days, according to the performance indicators of insurers for the fourth quarter of 2020.
According to the Motor (Transport) Insurance Bureau of Ukraine (MTIBU), the share of claims settled within 60 days was about 58.5% (Q4, 2019 – 62.7%), up to 90 days – 76.7% (75.1%), up to 120 days – 85.1% (81.7%).
The MTIBU notes that the best performance in the settlement of insurance events was shown by Motor-Garant insurer, which settled 87.7% of all OSAGO claims within 60 days, VUSO – 82%, Ukrainian Insurance Standard – 79.1%, Kniazha VIG – 76.4%, Alfa-Insurance – 75.8%, ASKO-Donbas Pivnichny – 75.1%, Inter-Policy – 75.1%, ARX – 74.6%, Express Insurance – 73.1%, Guardian – 72.8%, Ukrainian Insurance Group – 72.5%, Arsenal Insurance – 72.2%, TAS – 72.3%, INGO – 70.7%, Krayina – 70.7%.
In addition, it is reported that in the fourth quarter of 2020, the MTIBU received 333 complaints from victims and policyholders about the actions of insurance companies, which is 11 more than in the fourth quarter of 2019. The largest number of complaints was received against Omega – 32, which is 11.72% of the total number of resolved OSAGO events, ASKA – 51 complaints (6.81%), Unives – nine (6%), U.S.I. – 53 (1.83%).
The MTIBU is the only association of insurers in Ukraine that provides compulsory insurance of land vehicle owners’ civil liability for damage caused to third parties. The bureau members are 48 insurance companies.
