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New third-party motor insurance pricing rules take effect in Russia

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New third-party motor insurance pricing rules take effect in Russia

New rules concerning the calculation of prices for compulsory third-party motor insurance came into effect in Russia on Jan. 9, news agency Prime reported the same day.

The new rules expand the tariff corridor, which is used to calculate compulsory third-party motor insurance premiums, by 20% above and below the base tariff set by the Russian central bank. Additionally, they modify some variables that can affect the final price of these insurance policies, like bonuses for experienced drivers and accident-free driving.

The Russian central bank initially unveiled plans to widen the tariff corridor in May 2018 as part of a wider reform aimed at stabilizing the loss-making compulsory third-party motor insurance segment. The changes were supposed to take effect in the summer of 2018 but were delayed.

Under the reform, Russian authorities plan to further widen the tariff corridor to 30% in the fall of 2019 and to 40% in 2020, RIA Novosti reported Jan. 9.