Armenia, 1Q2016: GWP growth by 6.7%, while claims decreased by 1.9%

In 1Q2016, GWP by Armenian insurance companies increased by 6.7%, to AMD 9.5 billion compared to the similar period of 2015. At the same time, in the analyzing period the volume of claims paid by the insurers dropped by 1.9% and totaled AMD 3.2 billion, according to the ArmInfo Agency based on the companies' reporting in accordance to the IFRS standards.

The leader on the Armenian insurance market, in terms of GWP, was ROSGOSSTRAKH Armenia with a business turnover of AMD 2.9 billion, followed by INGO Armenia - AMD 2.2 billion, NAIRI Insurance - AMD 1.7 billion. The fourth and fifth places were occupied by SIL Insurance - AMD 1.4 billion and RESO - AMD 794.5 million. And, the sixth place was taken by ARMENIA Insurance with AMD 480 million premiums.

In the structure of market portfolio, the important share of premiums were held by motor third party liability insurance (MTPL) - 60.5% or AMD 5.8 billion (down by 6.6%).

About 19.8% or AMD 1.9 billion of market portfolio represented health insurance, up 25.8% compared 1Q2016. And, the share of property insurance was 5.6% or AMD 533.5 million, down by 2.3% compared to the similar period of 2015.

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