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Posted On

06
February
2023

MTIBU member insurers cut OSAGO policies by 20.4%, payments by 2.6% in 2022

KYIV. Feb 6 (Interfax-Ukraine) – In 2022, insurance companies that are members of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU) concluded 7.182 million policies for compulsory civil liability insurance of land vehicle owners (OSAGO), which is 20.4% less than in 2021.

According to the data published on the MTIBU website, 4.438 million of the total volume of policies was signed in electronic form, which is 2.32% less than in the previous year.

In addition, members of the Bureau reduced the collection of insurance payments under OSAGO policies by 2.55% in 2022 compared to 2021, to UAH 7.008 billion, including for electronic policies – by UAH 4.796 billion (19.16% more).

The total amount of accrued insurance claims under internal insurance policies for the year dropped by 24.12%, to UAH 2.769 billion, including UAH 578.6 million paid using the EU accident report (13.9% less).

The Bureau also recorded a decrease in the number of settled claims for insurance compensation by 36.22%, to 110,600, including using the EU accident report, to 43,640 (30.06% less).

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.