By KYIV. Nov 24 (Interfax-Ukraine) – The Motor (Transport) Insurance Bureau of Ukraine (MTIBU) plans to update the format of informing about the work of OSAGO insurers from the next quarter, the Bureau reported in a press release.
“We want to take into account a larger number of company performance indicators to give consumers of insurance services a more accurate and complete reflection of the insurer’s condition,” MTIBU General Director Oleksandr Bernaziuk, whose words are quoted in the report, said.
In addition, the average time for settling insurance claims by current MTIBU members for damage to property in the third quarter of 2023 was 71 days. In the direct claims settlement system, this period was 27 days (improved by four days compared to the previous quarter).
“Direct settlement of losses is an important advantage for consumers of insurance services. In particular, the settlement period under the system is 2.6 times shorter than in the market as a whole. Over the entire period of operation of the system (since December 2016), UAH 772 million of insurance compensation has been paid,” Bernaziuk said.
The shares of claims settled within 60 days and 90 days after the date of the accident are 71.1% and 82.9%, respectively.
As reported, in January-September 2023, more than 5.7 million OSAGO contracts were concluded, which is 9.3% more than the period last year. The amount of insurance payments reached UAH 6.3 billion (27.1% more). Insurance companies settled 92,500 claims (11.8% more) through insurance payments and paid more than UAH 2.7 billion to victims of road accidents (36.1% more).
