MTPL insurance is compulsory in Ukraine, so drivers often ask themselves the question: which insurer should they start cooperation with? Find out who is the leader of the Ukrainian car insurance market and where it is profitable to take out a policy

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Every car owner faces the issue 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 more and more aware of car insurance issues. What are the main trends in the motor third-party liability insurance market and who are the insurance leaders?

MTPL market in 2024

The motor third party liability market in Ukraine is showing steady growth, despite the military situation in the country and mass migration of citizens abroad.

According to MTIBU, the Ukrainian motor TPL market increased the total amount of premiums by 23.6% to UAH 4.7 billion in January-June 2024. The average insurance premium for motor third party liability insurance increased by 20.4% to UAH 1,282.7.

One of the key trends was the improvement of customer service and acceleration of insurance claims payments. Ukrainians can now count on more prompt and transparent claims settlement processes.

Compared to the previous year, the trend in contracting showed an increase of 2.6%. 

During the year, insurance companies settled 70,817 claims from road traffic accident victims (+14.2%) and paid UAH 2.3 billion in insurance indemnity under MTPL (26.6%).

In the first half of 2024, the average amount of payment on claims from road traffic accident victims was UAH 32,699, which is 10.8% more than in the same period of 2023 (UAH 29,511).

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Which insurance companies are among the leaders in terms of payments 

In 2024, several companies that have proven to be reliable and customer-oriented continue to lead the MTPL market. Among them, it is worth highlighting the TAS insurance group, which ranks first in the ratings in terms of premiums and claims collected.

In addition to TAS, the leaders in motor third-party liability claims and the number of settled road traffic accidents are NJSIC ORANTA, PZU Ukraine, Knyazha and Ukrainian Insurance Group.

This is how the top 10 largest insurers look like in terms of payments for the first half of 2024:

1. TAS SG - UAH 2,057,546

2. UNIQA - UAH 2,033,026

3. ARX - UAH 1,955,154

4. INGO - UAH 1,526,708 

5. USG - UAH 1,408,935 

6. VUSO - UAH 1,394,987 

7. Insurance Asset - UAH 1,273,089

8. UNIVERSALNA - UAH 1,200,191

9. KNIAZHA - UAH 1 139 868

10. PZU UKRAINE - UAH 1 066 842

How is it profitable to take out a car insurance policy?

If you are looking for a convenient way to take out a car insurance policy, gjhnfk Visit Ukraine offers excellent conditions for choosing and buying an insurance policy. Here you can take out insurance from leading insurance companies, including TAS.

First of all, the VU portal offers a convenient online service that will allow you to take out insurance in a few minutes. You can also choose a service at favourable rates on our website.

Buying motor third party liability insurance at Visit Ukraine is not only convenient, but also profitable. We work only with trusted insurance companies, which guarantees the reliability of your insurance and confidence in the future. Choose the best for your car and travel with confidence!

We remind you! The NBU and the Ministry of Economy have recently announced a draft law on the war risk insurance system. Read here to find out what the document provides for and what its role is.

Want to know more? Read the latest news and useful materials about Ukraine and the world in the News section.

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