Bank of Russia estimates CMTPLI loss ratio for passenger taxis
The total amount of passenger taxi CMTPLI payouts during the four years from 2018 to 2021 were persistently above the amount of insurance premiums paid. This is associated with a high accident rate of this means of transport: taxi drivers cause accidents seven times as often as ordinary motorists, as estimated by the Bank of Russia.
In 2022, the average insurance compensation related to accidents caused by taxis exceeded ₽74,000. However, the average price of an insurance policy for taxis amounted to ₽26,500, which is several times more than that for other cars. In each case, its price is impacted not only by the high accident rate in the entire segment but also by the type of an insurer (policies are two times cheaper for individuals than for companies). In addition, the price greatly depends on the region where a particular taxi runs.
Last year, 175,000 compulsory third-party insurance agreements were issued for taxis, predominantly in Moscow and the Moscow Region. Taxi owners–individuals buy them twice as often. The highest loss ratio (the ratio of payouts to premiums) is recorded in the Far Eastern and the North Caucasian Federal Districts.
Please find more details in the Review of CMTPLI Indicators of Light Vehicles Used as Taxi. This is the first publication released by the regulator on this matter.