Business news from Ukraine

MTIBU RAISES COST OF GREEN CARD

The Motor (Transport) Insurance Bureau of Ukraine (MTIBU) from October 19, 2020 introduces new tariffs for Green Card policies for those traveling abroad by road.
According to the report on the website of the bureau, the MTIBU has recalculated the cost of Green Card insurance certificates upwards by an average of 3.3%.
The last change in tariffs was on August 3, 2020, upward by 3.1%.
Green Card policies have been implemented since 2009 in two types: all of Europe; Belarus, Moldova and Russia. Also, from January 1, 2016, Ukrainian Green Card policies began to operate in Azerbaijan.
According to the MTIBU, the cost of Green Card in Ukraine for 15 days for trips across Europe for passenger cars increases to UAH 815 (previously UAH 789), for buses to UAH 3,062 (UAH 2,965), for trucks to UAH 1,922 (UAH 1,861).
The cost of Green Card for one month for cars will amount to UAH 1,297 (previously UAH 1,256), buses UAH 4,253 (UAH 4,118) and trucks UAH 1,922 (UAH 2,471).
The cost of the semi-annual and annual Green Card policies for cars will amount to UAH 5,760 and UAH 7,131 respectively, for buses UAH 14,888 and UAH 27,649, for trucks UAH 12,080 and UAH 22,800 respectively.
Rates on one-time insurance premiums under agreements of international compulsory insurance of car owners’ civil liability were defined by the Ukrainian Cabinet decree dated January 6, 2005, and are calculated in euros.
The Green Card system provides insurance coverage for those affected by a traffic accident regardless of their country of residence and the country of vehicle registration. The Green Card operates in 47 countries in Europe, Asia and Africa.
According to the decision made by the General Assembly of the Council of Bureau of the Green Card system in Luxembourg in May 2004, Ukraine became a full member as of January 1, 2005.

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PREMIUMS ON GREEN CARD POLICIES IN UKRAINE DOWN BY 34.3%

Accrued insurance premiums under Green Card international insurance agreements signed by the member companies of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU) in January-August 2020 decreased by 34.3% compared to the same period in 2019, to UAH 781.3 million.
The MTIBU reported on the website the number of Green Card agreements concluded during this period fell by 45.62%, to 406,600.
At the same time, the amount of compensations paid on claims increased by 25.72%, to EUR12.2 million, while the number of claims paid by 14.7%, to 4,141.
The MTIBU is the only association of insurers that provide compulsory insurance of civil liability of land vehicles’ owners for damage caused to third parties.

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GREEN CARD PREMIUMS IN UKRAINE DOWN BY 35.5%

The amount of accrued insurance premiums under Green Card international insurance agreements concluded by the member companies of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU) in January-July 2020 decreased by 35.48% compared to the same period of 2019, to UAH 669.9 million.
According to a report on the MTIBU’s website, the number of Green Card agreements concluded during this period decreased by 43.66%, to 348,800.
At the same time, the amount of compensations paid on claims increased by 31.13%, to EUR 11.1 million, while the number of claims paid by 18.87%, to 3,622.
The MTIBU is the only association of insurers that provides compulsory insurance of land vehicle owners’ civil liability for damage caused to third parties.

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GREEN CARD PREMIUMS IN UKRAINE DOWN BY 36%

The amount of accrued insurance premiums under Green Card international insurance agreements concluded by the member companies of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU) in January-June 2020 decreased by 36.37% compared to the same period of 2019, to UAH 562.176 million.
According to a report on the MTIBU’s website, the number of Green Card agreements concluded during this period decreased by 40.79%, to 296,900.
At the same time, the amount of compensations paid on claims increased by 37.33%, to EUR9.434 million, while the number of claims paid by 27.96%, to 3,263.
The MTIBU is the only association of insurers that provides compulsory insurance of land vehicle owners’ civil liability for damage caused to third parties.

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MTIBU AGAIN REDUCES COST OF GREEN CARD POLICIES

The Motor (Transport) Insurance Bureau of Ukraine (MTIBU) is introducing new tariffs for Green Card policies for those traveling abroad by road from May 16, 2020.
According to the report on the bureau’s website, the MTIBU recalculated the cost of Green Card insurance certificates downward by 4%.
The last change in tariffs was on April 1, 2020 upward by 4.4%, the previous on March 20 by 4.7%.
Green Card policies have been implemented since 2009 in two ways: all of Europe; Belarus, Moldova and Russia. Also, from January 1, 2016 Ukrainian Green Card policies began to operate in Azerbaijan.
According to the MTIBU, the cost of Green Card policies in Ukraine for 15 days for trips across Europe for cars is reduced to UAH 712 (previously UAH 741), for buses to UAH 2,667 (UAH 2,785), and for trucks to UAH 1,681 (UAH 1,748).
The cost of Green Card for one month for cars will be UAH 1,134 (previously UAH 1,180), buses UAH 3,719 (UAH 3,868), and for trucks some UAH 1,681 (UAH 2,321).

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NUMBER OF GREEN CARD INSURANCE CONTRACTS IN UKRAINE 21% UP IN 2020

The number of Green Card international insurance contracts signed by the member companies of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU) increased by 21.72% in January-February 2020 compared to the same period in 2019, to more than 59,536.
According to the MTIBU’s website, the amount of accrued insurance premiums for the indicated period decreased by 10.93% compared to the same period last year, to UAH 271 million.
At the same time, the amount of compensation paid on claims increased by 2.1 times, to EUR 2.704 million, while the number of claims paid by 87.7%, to 1,115.
The MTIBU is the only association of insurers that carry out compulsory insurance of vehicle owners’ civil liability for harm caused to third parties.

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