UKRAINE: from February 7th this year local insurers concluded 15.7 thousand e-MTPL agreements

In Ukraine from February to June this year local insurers have sold around 15.7 thousand of electronic MTPL policies, according to the data of the Motor Insurance Bureau of Ukraine.

In pursuance of the order of the National Commission for financial service market regulation in Ukraine since February 7th, 2018 car owners have a possibility to buy electronic MTPL policies. Its average cost amounted to UAH 640 and total GWP under electronic MTPL agreements from February to June - around UAH 10 million. At that 41 insurers among the members of the Motor Insurance Bureau of Ukraine have technical capability to sell electronic policies, but during the considered period only 29 of them started electronic sales of MTPL policies, wrote the portal FONISURER. TOP-5 insurers by number of e-MTPL sold (from 07.02.2018 to 11.06.2018) included VUSO, TAS, PZU Ukraine, AXA Insurance and UNIVES.

Introduction of e-MTPL did not terminate issuance of paper policies. Thus, for the 1st quarter this year total number of MTPL agreements amounted to almost 1.6 million. Paid claims of MTPL in general during Q1 reached UAH 908.4 million. Insurers settled more than 31 thousand insurance events. The loss ratio keeps increasing (58.2% vs 52.3% a year ago), an average paid claim amount also increased (UAH 17 thousand vs UAH 14.4 thousand in Q1 2017), according to the portal.

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