Site icon Baltimore Chronicle

Over the past 10 years, more than 50 insurance companies have left the MTPL market

From 2014 to 2023, the number of insurers providing compulsory motor third party liability insurance (MTPL) decreased from 81 to 35. This is reported by the Motor (Transport) Insurance Bureau of Ukraine (MTIBU).

Read the “Ministry of Finance” on Instagram: the main news about investments and finance

Last year, 6 left the market insurance companies: PJSC IC “Ukrainian Insurance Standard”, ODO IC “MOTOR-GARANT”, JSC “PROSTO – Insurance”, PJSC IC “PROVIDNA”, JSC “OMEGA” and PJSC “UASK ASKA” are merged with PJSC IC “USO”.< /p>

This year, two more insurance companies lost their membership in the Bureau – IC Alfa Insurance and IC Premier Alliance (IC SALAMANDRA took upon itself the responsibility to fulfill the obligations of IC Premier Alliance).< /p>

Thus, at the end of January 2024, there were only 33 insurance companies-members of MTIBU providing liability insurance for vehicle owners in Ukraine.

It is noted that most insurance companies are leaving the market due to impossibility fulfillment of their obligations and due to the revocation of NBU licenses, since they do not meet established mandatory financial standards, such as solvency, capital adequacy and capital availability.

“The use of this regulatory mechanism helps to guarantee the stability of the operating insurance companies and the performance their obligations to consumers,” the message says.

In general, over the last 10 years, the number of insurance companies that have left the Ukrainian “motor citizen” market is 51.

Current list of insurers , with which you can conclude MTPL insurance contracts in 2024, is available on the MTIBU website here.

Exit mobile version