ARMENIA: average MTPL loss ratio increased to 64.5%

For the first three months of this year, the average MTPL loss ratio increased from 62.9% to 64.5% (without deduction of reserves) and from 71.1% to 73.7% (with deduction of reserves), according to the Bureau of Motor Insurers.

According to the Financial Ranking of insurance companies of Armenia, prepared by ArmInfo, GWP of the segment saw an increase by 7.7% y-o-y vs the decline by 2.1% a year ago, and growth of paid claims amounted to 12.3% (vs 11.2% in 1Q2018).

As of April 1, 2019, ROSGOSSTRAKH Armenia remains the leader of the segment in terms of GWP. The insurer's GWP went up by 6.5% y-o-y, while paid claims increased by 22.5%. The second place in terms of GWP was taken by INGO Armenia, which demonstrated the highest GWP growth in the market (+42%). The highest growth of MTPL paid claims was recorded by Armenia Insurance (+37%). NAIRI Insurance had the only decline in MTPL GWP among 6 companies (-25.1%), and the only decline in paid claims was recorded by RESO (-27.2%).

The average loss ratio in Motor Hull in the first quarter decreased and amounted to 60% (vs 66.4% a year ago).

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