RSA warned about the rise in CTP prices due to new rules on repair costs

The Russian Union of Motor Insurers (RSA) predicts a gradual rise in the price of the CTP policy as a result of the application of new rules for determining repair costs. This was announced on the air of RBC by Ekaterina Grineva, head of the RSA Loss Settlement Methodology department, the All-Russian Union of Insurers reports on its Telegram channel on July 1.

"It is worth saying that we do not expect a 10% premium increase, because, firstly, it is necessary to focus on the tariff that the Bank of Russia will set, on the opportunities that insurers have, and in principle, payments tend to grow faster. Therefore, in this part, we expect a smooth increase in the cost of the policy, and, accordingly, an even sharper increase in payments since September," Grineva said.

At the same time, according to her, insurance companies have already begun to slightly increase the cost of the policy due to a fairly high level of average payout (which happened before the Bank of Russia approved changes to the methodology).

At the same time, as Grineva noted, the RSA expects an increase in CTP payments by 8-10%. As for a number of brands that have difficulties with the delivery of spare parts, the growth may be even higher due to the fact that now the directory will include higher-quality spare parts, said Grineva.

The RSA will begin to apply new rules for determining CTP repair costs from September 19, when the directories of the average cost of spare parts will be updated. The revision by the Central Bank of Russia (CBR) of the rules for determining CTP repair costs is related to both consumer complaints about current prices and the quality of spare parts included in the directory, as well as economic factors, the representative of the union added.

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As the Central Bank reported on June 30, from July 11 of this year, a new procedure for creating directories of the average cost of spare parts and materials will begin to operate in Russia. Insurance companies are guided by them when calculating CTP payments. As a result of the innovations, the average payout should increase by 10%, the Bank of Russia said.