UKRAINE: for January-July, annual growth of MTPL amounted to 20.5% and Green Card went up by 25%

For 7 months, Ukrainian insurers (members of MTIBU, the Motor Transport Insurance Bureau of Ukraine) generated UAH 2.57 billion of MTPL premiums (+20.5%). The total number of MTPL policies, according to MTIBU, increased by 4.2% and amounted to almost 4.6 million units.

Accordingly, MTPL paid claims went up by 15.2% to UAH 1.23 billion, of which claims paid for events settled under European protocol amounted to UAH 186.3 million (+ 45.4% y-o-y).

The total number of Green Card agreements, concluded by MTIBU members, grew by 6.16% in the first 7 months, if compared to the same period last year. Premiums in this segment increased by 24.9% to UAH 764.4 million and paid claims - by 0.6% y-o-y.

The National Financial Services Committee proposed to increase the maximum limit of MTPL indemnity payment for property damage from UAH 100 thousand to UAH 130 thousand, for damage to life and health of third parties - from UAH 200 thousand to UAH 260 thousand. According to the representative of the National Financial Services Committee Denis YASTREB, increasing the limit based on the inflation rate was proposed. Also, a reduction ratio for electric vehicles by 0.09% was added, which was not previously available, to promote the development of the electric transport market in Ukraine. Additionally, as YASTREB explained, increasing the ratio for foreign citizens is planned, because the cost of insurance should be comparable to the Green Card or the cost of insurance in the country of registration. The introduction of a fluctuating rate was also proposed, to give insurers the opportunity to base prices on the magnitude and frequency of insurance events and set the cost of MTPL policy a little bit higher in order to cover the loss ratio of their activity.

*EUR 1 = ~ UAH 31.26 (as of 31.07.2018)

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