ARMENIA: MTPL loss ratio could hit 70% by the end of 2018

MTPL loss ratio may amount to 70% by the end of 2018, said ArmInfo with reference to the market forecast of the General Manager of the Armenian Bureau of Motor Insurers, Vaan AVETISYAN.

According to V.AVETISYAN in January-February 2018 MTPL the loss ratio reached 76.7%; usually such a high loss ratio is specific to the winter period. However, the declining trend of 2017 persists. Based on the data from the Armenian Bureau of Motor Insurers in 2017 MTPL loss ratio amounted to about 66% with y-o-y growth by almost 11 percentage points.

In 2017 MTPL GWP went up by 4.9%, and paid claims jumped by 32.4%. For comparison in 2016 GWP and paid claims growth rates were almost equal: 3.4% and 3.3% accordingly.

Armenian insurance market is represented by 6 companies. In terms of GWP in MTPL as of January 1, 2018 the leader is ROSGOSSTRAKH Armenia, followed by INGO Armenia, next is NAIRI Insurance, then RESO, SIL Insurance and ARMENIA Insurance. In terms of paid claim the leader is again ROSGOSSTRAKG Armenia, second is NAIRI Insurance and third - INGO Armenia.

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