CMTPL payments have decreased in Russia

In 2022, the total payments for compulsory motor third party liability insurance (OSAGO) decreased from 6.6 billion to 6 billion rubles, follows from research NKR rating agency. The decrease in the volume of payments is due to a decrease in the frequency of insured events, which is confirmed by traffic police statistics, analysts say.

The materials of the NRC note that the real damage for car owners who received insurance payments was greater, but the current system of limits did not allow for its full compensation. Currently, the maximum limit for payments for life and health is 500 thousand rubles, for damage to a car – 400 thousand rubles. Until 2021, the total payments under OSAGO in case of harm to life and health amounted to about 8–9 billion rubles. in year.

The maximum limits of payments for compensation for harm to life and health lag far behind the amount of compensation in other compulsory types of insurance, the NKR emphasizes. Experts believe that a four-fold increase in limits, up to 2 million rubles, will allow for 24-27 billion rubles. to increase the volume of payments “relative to the long-term trend until 2021”.

“The amount of payments for compensation for harm to life and health, which does not meet a fair assessment by society, sets up an underestimation of the value of human life in other sectors,” the agency’s materials say.

On November 24 last year, Chairman of the Just Russia – For Truth party Sergei Mironov addressed to the Prosecutor General of the Russian Federation Igor Krasnov with a request to check the effectiveness of the OSAGO system. Mr. Mironov argued that insurers systematically do not pay the insurance premium intended to compensate for damage in the event of an accident. According to him, this is not less than 80% of the cost of the policy.

The report of the Bank of Russia for the third quarter stated that the volume of collection of insurance premiums for this period reached a record high since the beginning of 2018 – 466 billion rubles. Experts noted that the main drivers of growth were the increase in OSAGO tariffs and inflationary growth in other types of insurance, primarily motor hull.

More details – in the material “Kommersant” “Insurance premiums hit a record”.

Milena Kostereva