Bank of Russia Expands CTPL Tariff Corridor, Targets Fraud Hotspots
The Bank of Russia is set to introduce changes in the compulsory motor third-party liability insurance (CTPL) market. This includes expanding the tariff corridor and adjusting territorial coefficients, impacting certain regions across Russia.
The 'red zone', currently comprising the Republic of Ingushetia and the Novosibirsk region, is expected to see changes due to increased territorial coefficients. However, the exact regions experiencing price changes in the CTPL market due to high insurance fraud rates remain unspecified.
The tariff corridor for passenger cars will expand by 15% in both directions, with the upper limit reaching 8,665 rubles and the lower limit decreasing to 1,399 rubles. Motorcyclists will see a 40% expansion in their tariff corridor. This move aims to provide insurance companies with more pricing flexibility.
A review of territorial coefficients for some populated areas is planned. The Bank of Russia will increase these coefficients for regions with high insurance fraud rates, reflecting the higher risk and potential costs associated with these areas.
The Bank of Russia's changes to the CTPL market will affect certain regions and insurance policyholders. The expansion of the tariff corridor and adjustments to territorial coefficients aim to balance risk and pricing, ultimately benefiting both insurance companies and policyholders.
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