UKRAINE: 21% increase in GWP both for MTPL and Green Card for January-October

MTPL GWP of Ukrainian insurers-members of MTIBU for 10 months this year went up by 21.4% y-o-y and reached UAH 3.7 billion, according to the data of MTIBU.

Paid claims for the mentioned period in MTPL increased by 12.5% to UAH 1.7 billion, out of which UAH 276.8 million were paid based on European Accident Statement (48% more y-o-y). Total number of MTPL policies as of the end of October increased by 5.1% y-o-y. At that, according to MTIBU, total number of settled claims saw an opposite trend, declining by 0.11%.

Evaluation MTPL insurers' activity is done based on 3 main parameters: general assessment of the company's activity, quality of claims settlement and the volume of complaints received from consumers. According to MTIBU, 26 companies have the higher evaluation, among which are AXA Insurance, VUSO, INGO UKRAINE, NASK ORANTA, PZU UKRAINE, TAS and others. In GWP terms, the leaders are TAS (UAH 351.4 million, +72.1% y-o-y), ORANTA (UAH 351.2 million) and UPSK (UAH 195.3 million). TOP-3 in terms of paid claims include TAS (UAH 137.9 million), ORANTA (UAH 127.8 million) and PROVIDNA (UAH 115.4 million), according to Insurance TOP.

As for the Green Card market, for 10 months it increased by 21.04% y-o-y to UAH 1.1 billion, according to the report of MTIBU. Paid claims in this segment went up by 2.24% y-o-y to EUR 9.5 million.

Total number of Green Card policies, signed by MTIBU members, increased by 8%, while total number of paid claims - by 1.62%. At that it's worth noting that from September 4, 2018 the cost of Green card policy in Ukraine went up by 5%. The leaders in Green Card premiums terms are GLOBUS, TAS and INGO UKRAINE.

MTIBU reunites MTPL insurers in Ukraine. 56 companies are members of the Bureau, and 9 of them are full members having the right to sell Green card policies, as Forinsurer wrote.

*EUR 1 = UAH 32.02 (31.10.2018)

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