The average cost of an OSCPV policy in Ukraine for January–August 2019 increased by 7 % to UAH 604. This data was provided by the Motor (Transport) Insurance Bureau of Ukraine.
Analysis of the dynamics of the number of contracts and reported claims shows that the average frequency of insurance events, if it increases, does so rather slowly. According to MTSBU data, the claim frequency for this period rose to 1.65 %, reaching the 2017 level. According to MTSBU, 7 insurers have a frequency above 3 %, while 11 companies – below 1.3 %.
The average insurance payout in 2019 increased to UAH 17,600. Recall that the average compensation for damage caused to the life and health of the injured in 2017 was UAH 17,962 (+28.6 %), and the average compensation for property damage was UAH 15,386.3 (+19.4 %).
As for the frequency of insurance events, this indicator for passenger cars in 2019 was 1.69 %, for trucks 2.77 %, for buses 2.9 %, motorcycles 0.11 %, and for trailers to passenger cars 0.01 % and to trucks 0.04 %.
Frequency of insurance events by vehicle type
The average loss per insurance event is increasing. Reasons – increase in limits, expansion of insurance coverage, higher costs of spare parts and service station work. Although the frequency of insurance events is increasing, it is slight (+1.7 %).
The average payment period for 8 months of 2019 is 92 days. The average payout level is about 50 %. For property damage up to UAH 10,000, 50 % of all payments are made; up to UAH 15,000 – 63 %. Compensation for damage over UAH 100,000 accounts for 6 % of total market payouts.
Dynamics of the average insurance payout under OSCPV contracts (2014–2019)
MTSBU member insurance companies in January–August 2019 increased premium collection under OSCPV policies by 11 % to UAH 3.3 billion. The top 10 insurers accounted for 60 % of collected premiums and 57.7 % of payouts.
The number of contracts in January–August increased by 3.54 % to 5.44 million. The total amount of insurance payouts increased by 15.2 % to UAH 1.6 billion, including UAH 282.7 million paid using the “Europrotocol” (+29.2 %).
During 8 months, MTSBU received 1,034 complaints about insurers (-19 %), while the number of complaints about payment refusals increased.