Since MTPL insurance is compulsory in Ukraine, drivers often ask themselves the question: “Which insurance company should I start working with?” Find out who are the leaders in the Ukrainian car insurance market and where you can benefit from purchasing insurance.
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Every car owner faces the problem of choosing a reliable Motor Third Party Liability Insurance (MTPL) from time to time. In 2024, the insurance market continues to evolve and Ukrainians are becoming increasingly aware of car insurance issues. What are the key trends in the Automotive Third Party Liability Insurance market and who are the insurance leaders?
MTPL market in 2024
Ukraine’s automotive third-party liability market is showing steady growth despite the country’s military situation and mass emigration of its citizens abroad.
According to MTIBU, the Ukrainian automotive TPL market saw a 23.6% increase in total insurance premiums from January to June 2024 to Hryvnia 4.7 billion. The average premium for motor vehicle third party liability insurance increased by 20.4% to Hryvnia 1,282.7.
One of the key trends was improved customer service and faster claims payments. Ukrainian citizens can now rely on a faster and more transparent claims resolution process.
Compared to the previous year, contract trends increased by 2.6%.
In the same year, insurance companies settled 70,817 claims from traffic accident victims (an increase of 14.2%) and paid insurance compensations of 2.3 billion hivres based on the MTPL (26.6%).
The average amount of insurance claims paid by traffic accident victims in the first half of 2024 was 32,699 hryvnia, an increase of 10.8% compared to the same period in 2023 (29,511 hryvnia).
Who are the top insurance companies in terms of payouts?
In 2024, several companies that have proven to be reliable and customer-oriented will continue to lead the MTPL market. Among them, it is worth paying attention to TAS Insurance Group, which is ranked number one in terms of premiums and insurance recoveries.
In addition to TAS, the top companies in third-party motor vehicle claims and traffic accident settlements are NJSIC ORANTA, PZU Ukraine, Knyazha, and the Ukrainian Insurance Group.
The top 10 major insurance companies by payout in the first half of 2024 are:
1. TAS SG – 2,057,546 hryvnia
2. Unika – 2,033,026 hryvnia
3.ARX – 1,955,154 hryvnia
4. INGO – 1,526,708 hryvnia
5. USG – 1,408,935 hryvnia
6. VUSO – UAH 1,394,987
7. Insurance assets – 1,273,089 hryvnia
8. Universal – 1,200,191 Furigana
9. Kniaza – UAH 1 139 868
10. PZU Ukraine – UAH 1 066 842
What are the benefits of signing up for car insurance?
If you are looking for a convenient way to purchase car insurance, gjhnfk Visit Ukraine offers excellent conditions for selecting and purchasing insurance. Here you can get insurance from major insurance companies including TAS.
First, the VU portal offers a convenient online service that allows you to get insurance in minutes. On our website, you can also choose our services at affordable rates.
Purchasing auto third party liability insurance with Visit Ukraine is not only convenient, but also profitable. We only work with trusted insurance companies, ensuring the reliability of your insurance and confidence in your future. Choose the best one for your car and travel with confidence!
Let me remind you! The NBU and the Ministry of Economy recently announced a draft law on the war risk insurance system. Read here to find out what this document has to offer and what it does.
