Armenia: insurance market grew by 47.6% after Q1

During the first 3 months Armenian market generated AMD 14.1 billion of premiums, which is 47.6% more than e year before, paid claims amounted to AMD 5.7 billion (+36.9%), according to ArmInfo agency.

Per classes: liability insurance saw growth of claims 40 times y-o-y more, property fire insurance - 4.5 times more and medical insurance - 2.2 times more. MTPL claims growth slackened from 41.3% to 11.2%. Increase of claims was also recorded by travel insurance - from 24.7% to 44.3%, MoD - by 6%, insurance of financial risks - by 47.8%, property accident insurance - 76 times more, accident insurance - by 50.5%, cargo insurance - 3.3 times more. Compared to the same period of the previous year these classes showed annual decrease of claims. In terms of shares in claims after Q1 the leadership is traditionally held by MTPL (57.78% vs 71.14% in 2017), medical insurance has 28% (vs 17.7%), MoD - 5.44% (vs 7.02%), insurance of financial risks - 2.35% (vs 2.17%).

Loss ratio in the Q1 changed as follows: in MTPL - from 56% to 62.9%, in MoD - from 77% to 66.4%, in medical insurance - from 42.7% to 25%, in travel insurance - from 19.7% to 28.3%, in property fire insurance - from 5.4% to 17.3%, in cargo insurance - from 2.8% to 10%, in insurance of financial risks - from 75.5% to 85.3%, in accident insurance - from 9% to 9.8%.

The leader in terms of claims is ROSGOSSTRAKH Armenia - AMD 1.5 billion, followed by INGO Armenia (AMD 1.4 billion), NAIRI Insurance (AMD 1.1 billion), SIL Insurance (AMD 720.1 million), RESO (AMD 562.2 million) and ARMENIA Insurance (AMD 384.5 million).

Based on the data of ArmInfo for the first quarter Armenian insurers recorded in total 70.3 thousand of insurance events, among them 52.5 thousand in medical insurance, about 16 thousand in MTPL, 1.1 thousand in liability insurance and about 430 events in MoD.

Armenian insurance market is represented by 6 companies working in 17 insurance classes.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

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