Armenia: The loss ratio of MTPL insurance was 60% in the first nine months of 2017, with an annual growth of almost 10%

In the first nine months of 2017, the gross written premiums on the MTPL insurance segment in Armenia increased by 4.6%, to AMD 13.9 billion. By comparison, in the 3Q2016/3Q2015 period, the growth was 1.7%.

For the analyzed period, the volume of MTPL paid claims totaled AMD 8.2 billion, going up by 34.4%, according to the ArmInfo based on the Armenian Motor Insurers' Bureau report.

According to the report, 479,356 motor vehicles had MTPL insurance, with an annual growth of 28,224 units.

With a 26% market share, ROSGOSSTRAKH Armenia is the market leader in terms of GWP on MTPL insurance; followed by INGO Armenia - 22%, NAIRI Insurance - 20%, RESO - 13%, SIL Insurance - 12%, ARMENIA Insurance - 7%.

In the analyzed period, the loss ratio on the MTPL insurance segment was 60%, with an annual growth of almost 10 percentage points.

In September 2017, the average claim was AMD 191,357, compared to AMD 199,459 in September 2016.

On 1 November 2017, the Armenian Motor Insurers' Bureau (MIB) launched the e-MTPL system. In order to stimulate online sales of MTPL policies, a 5% discount for agreements concluded in online mode was offered. In addition, in the next 1-2 months, clients will have possibility to pay cash for MTPL insurance using payment terminals TelCell, EasyPay, Edram and Mobidram.

Since the introduction of MTPL insurance in Armenia 7 years ago, the automation process of this type of insurance was ongoing. It is important to note that Armenia intends to join the international Green Card insurance system.

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