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.
The Motor (Transport) Insurance Bureau of Ukraine (MTIBU) has introduced new tariffs for Green Card policies for those traveling abroad by road from January 4, 2021.
According to a report on the bureau’s website, the MTIBU has recalculated the cost of Green Card insurance certificates upwards by an average of 3.8%.
The last change in tariffs was on October 19, 2020 upwards by 3.3%, on August 3, 2020 upwards by 3.1%, on July 24 by 3.8%, on June 16 by 3.5%.
Green Card policies have been implemented since 2009 of two types: all of Europe; Belarus, Moldova and Russia. Also, from January 1, 2016, the Ukrainian Green Card policies began to operate on the territory of Azerbaijan.
According to the MTIBU, the cost of Green Card in Ukraine for 15 days for travel in Europe for passenger cars increases to UAH 846 (previously UAH 815), for buses to UAH 3,180 (UAH 3,062), for trucks to UAH 1,996 (UAH 1,922).
The cost of Green Card for one month for cars is now UAH 1,347 (previously UAH 1,297), for buses UAH 4,417 (UAH 4,253), for trucks – UAH 2,650 (UAH 1,922).
The cost of semi-annual and annual Green Card policies for cars is UAH 5,083 and UAH 7,406 respectively, for buses – UAH 15,461 and UAH 28,514, for trucks – UAH 12,546 and UAH 23,678 respectively.
The Motor (Transport) Insurance Bureau of Ukraine (MTIBU) as of October 1, 2020 placed 72.6% of the hryvnia funds of the centralized insurance reserve fund for protection of road accident victims at four state banks.
According to a report on the MTIBU’s website, there are UAH 324.3 million on deposits in Ukreximbank, UAH 147 million in Oschadbank, UAH 267 million in Ukrgasbank, and UAH 24.750 million in PrivatBank.
In addition, Kredobank has UAH 94.2 million on deposits, Credit Agricole Bank some UAH 9.120 million, OTP Bank some UAH 42.9 million, TAScombank some UAH 95.794 million, FUIB some UAH 5.3 million, Alfa-Bank some UAH 7.6 million, and Pravex Bank some UAH 33.7 million.
In addition, as of September 30, 2020, the money of the centralized insurance reserve fund for protection of road accident victims in hryvnia-denominated government domestic loan bonds amounted to UAH 559.3 million and foreign currency government bonds some $ 107.087 million.
