According to the experts, this was possible mainly due to a slowdown in claims paid from 28.4% to 16.6% and an accelerated GWP growth of 19.1% from 17.4%, as the preliminary market data show. Besides, GWP of the majority of insurers grew faster than their paid claims, allowing 5 out of 6 acting companies to increase their profits.
In terms of net profit for 2019, the market leader was NAIRI Insurance (AMD 496.8 million/ ~EUR 0.92 million), followed by ARMENIA Insurance (AMD 317.9 million) and RESO (AMD 268 million). The only company, which ended 2019 with a loss, was SIL Insurance (AMD (56.7) million).
*EUR 1 = AMD 537.26 (as of 30.12.2019)