ARMENIA: 5 of 6 active insurers in 2019 increased their profit

6 February 2020 — Marina MAGNAVAL
According to the data of the Financial Rating of Armenian insurance companies, prepared by ArmInfo, total net profit of local insurers in 2019 increased 7.3 times (vs. a decline by 67.6% in 2018), and reached AMD 1.4 billion (USD 3 million).

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)

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