Growth of insurance compensations for victims of road accidents: Analysis for January-April 2024

In the first four months of the current year, Ukrainian insurance companies reimbursed road accident victims an amount that is a third higher than the corresponding payments last year.

The Motor Transport Insurance Bureau of Ukraine (MTSBU) reported payments in the amount of 1,590.5 million hryvnias for January-April 2024, which is a 34% increase compared to the same period last year.

The largest amounts of compensation in this period fell on compensations for damaged property in the amount of 1,119.5 million hryvnias, which indicates an increase of 39.6% compared to 2023. Also noted was an increase in payments for traffic accidents registered using the Europrotocol by 24% to 308.5 million hryvnias.

SG "TAS", PJSC "NASK "ORANTA", PJSC "USK "KNYAZHA VIENNA INSURANCE GROUP", PZU Ukraine and PJSC "SK "USG" were among the leaders in terms of the amount of insurance payments in the period January-April 2024.

According to the MTSU, only in April, 862 regular payments were made from the Fund for the Protection of Victims for a total amount of 44.6 million hryvnias.

In the first quarter of 2024, Ukrainian insurance companies concluded almost 1.7 million contracts of compulsory civil liability insurance of the owners of vehicles (CVPL), which is 5.02% more compared to the previous year. The total amount of accrued insurance payments for this period amounted to 2.1 billion hryvnias, which indicates an increase of 26.2% compared to last year.

The growth of the use of the Europrotocol in the regulation of road accident requirements is also noted. In the first quarter of 2024, 13,206 accident cases were settled with the help of this tool and compensation in the amount of 237.8 million hryvnias was paid.

Also, Ukrainian drivers concluded more than 341,000 Green Card international insurance contracts for January-March 2024, which is 8.8% less compared to the same period in 2023, which indicates the impact of changes in the conditions of vehicles in some European countries on activity Ukrainian drivers.