The Ministry of Finance supports increasing the limits of payments under compulsory motor liability insurance in Russia

The Ministry of Finance supports increasing the limits of payments under compulsory motor liability insurance in Russia.

Deputy Minister of Finance Chebeskov said that he expects that there will be no significant increase in insurance rates after the limits are raised.

The All-Russian Union of Insurers proposed increasing the limits to 1 million rubles for property damage and up to 2 million rubles for damage to life and health.

MOSCOW, September 26 - RIA Novosti. The Ministry of Finance supports increasing the limits of payments for compulsory motor liability insurance in Russia, but expects that this will not lead to a significant increase in insurance rates, Deputy Minister of Finance Ivan Chebeskov said in an interview with RIA Novosti on the sidelines of the Mosfinforum.

“The limit on payments has been discussed for several years. We support increasing the limit, first of all, on payments for harm to life or health,” Chebeskov said.

“But behind this possible step there is a sensitive issue about insurance rates. We hope that this will not lead to their significant increase. But the topic requires additional discussion with colleagues from the insurance community, the Central Bank, and parliament,” he added.

Payment limits under compulsory motor liability insurance are the maximum amount that an insurance company pays to a victim as a result of an accident as part of compulsory motor third party liability insurance. Now they amount to 400 thousand rubles for damage to property and 500 thousand rubles for harm to the life and health of people.

Authorities and the insurance community have long been discussing the issue of increasing these limits, since in a large proportion of insurance cases, damage to vehicles is above the established payment thresholds. In addition, in other types of insurance the limit of payments for health and life is already higher.