STATISTICS: ARMENIA, 1H2016: MTPL insurance events below AMD 100,000 may be settled based on the mutual consent of drivers

In the first six months of 2016, the six active insurance companies of the Armenian market totaled AMD 16.1 billion in premium (note: based on the Central Banks financial standards), while based onIFRS standards local market totaled only AMD 15.8 billion. At the same time the indemnities paid by local insurers reached AMD 6.2 billion, according to ArmInfo News Agency.

The 1st of September, 2016 has brought a number of important changes in the motor insurance market:
  • car owners are no longer be required to declare the names of other drivers they allow to drive the vehicles upon buying MTPL insurance.
  • there is a new MTPL tariff in use: "The new MTPL tariff was adjusted on the basis of the five-year motor insurance statistics, as well as were eliminated from tariff calculation the risks as age and experience as driver".
  • MTPL insurance events below AMD 100,000 can be settled based on the mutual consent of drivers, in other cases road accidents will be solved by the traffic police, added Executive Director of Bureau for ArmInfo News Agency.
In is important to note, that about 32% of total accidents can be settled based on amicable report.

Access and download the 1H2016 Armenian insurance market statistics.

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

Share |

Related articles

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.




LIVE: IIS Global Insurance Forum 2018 / Day2

The works of the Global Insurance Forum continued today in Berlin, Germany. Providing security for ageing populations in health care and pensions terms, as well as innovation and InsurTech or innovative strategies for the future development of the industry are on the today's agenda.


See all