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Insurers-members of MTIBU cut number of OSAGO agreements by 4.3%, premiums up by 12.7% in Jan-Feb 2023
KYIV. March 30 (Interfax-Ukraine) – In January-February 2023, member insurance companies of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU) concluded 1.1 million contracts of compulsory civil liability insurance of land vehicle owners (OSAGO), which is by 4.3% less than in two months of 2022.
According to the data published on the MTIBU website, 708,800 of the total contracts were concluded in electronic form, which is 20.56% more than in two months of 2022.
Members of the Bureau increased the collection of insurance premiums under OSAGO policies by 12.7% compared to the same period last year, to UAH 1.171 billion, including under electronic contracts – in the amount of UAH 832.4 million, which is 40.13% more than a year earlier.
The total amount of accrued insurance claims under internal insurance contracts for January-February 2023 decreased by 1.7%, to UAH 569.5 million. In particular, UAH 130.4 million was paid using the European accident record form, which is 13% more than a year earlier.
The Bureau also recorded a decrease in the number of settled claims for insurance compensation by 24.01%, to 20,132, including 8,300 (19.06% less) using the European accident record form.
MTIBU is the only association of insurers that provides compulsory civil liability insurance of land vehicle owners for damage caused to third parties. Bureau members are 42 insurance companies.