MTIBU member insurers cut number of OSAGO contracts by 4.5% in Jan 2023, premiums up by 13.4%

KYIV. March 1 (Interfax-Ukraine) – In January 2023, member insurance companies of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU) concluded 564,000 compulsory civil liability insurance contracts for land vehicle owners (OSAGO), which is 4.5% less than in January 2022.

According to the data published on the MTIBU website, out of the total volume of contracts, 359,500 were concluded in electronic form, which is 30.12% more than in the first month of 2022.

Members of the Bureau increased the collection of insurance premiums under OSAGO policies by 13.4% compared to the same period last year, to UAH 592.6 million, including for electronic contracts in the amount of UAH 417.7 million, which is 54.01% more, than a year earlier.

The total amount of accrued insurance claims under internal insurance contracts for January 2023 decreased by 0.85%, to UAH 284.7 million. In particular, UAH 66.6 million was paid using the European accident record form, which is 16.15% more than a year earlier.

The Bureau also recorded a decrease in the number of settled claims for insurance compensation by 24.01%, to 10,229, including using the European accident record form – 4,323 (17.2% more).

MTIBU is the only association of insurers that provides compulsory insurance of civil liability of land vehicle owners for damage caused to third parties. Bureau members are 42 insurance companies.