UKRAINE: MTIBU: 2018 was a record year in terms of MTPL paid claims
Paid claims in the segment increased by 12% and exceeded UAH 2.1 billion. In 2018, the total amount of indemnity payments from MTIBU funds rose by 21%, to UAH 161.7 million, including payments to owners of uninsured vehicles, which accounted for 68.3% (+15% y-o-y).
"Last year was a record in terms of MTPL paid claims - over UAH 2.1 billion. Insurer-members of MTIBU made considerable efforts to make the procedures of MTPL contract conclusion and obtaining insurance indemnity after accidents more convenient for policyholders, while meeting the requirements of a modern digital society," General director of MTIBU, Volodimir SHEVCHENKO said, speaking about the results.
MTIBU also updated its ratings on the financial stability of insurers and their quality of claim settlement. 23 insurers got the highest rating, 5 insurers got unsatisfactory rating in terms of the quality of claim settlement, 4 insurers got unsatisfactory rating in terms of the number of complaints from victims and policyholders.
As MTIBU noted, in 4Q2018 the level of complaints continued to decrease (1.24% vs 1.32% in 3Q2018). According to Volodimir SHEVCHENKO, "After 4Q2018, we see positive results of insurer work on improving claim settlement and customer service: reduction of the payment period, improvement of key indicators and fewer complaints. Most insurance companies now understand that a high level of service and an ability to offer modern insurance solutions is a significant advantage that allows them to attract new customers and keep the loyalty of those, who are already clients of an insurance company," he said.
The detailed MTIBU's assessment of insurers can be found here (in Ukrainian)
*EUR 1 = UAH 31.71 (as of 31.12.2018)