STATISTICS: ARMENIA, 1H2017: A noticeable growth of losses recorded by local insurers

In 1H2017, Armenian insurance market increased by 5.27%, mainly due to the implementation of several large economic projects which triggered the significant increase in accident insurance (54.59%) and CARGO insurance (+51.29).

Another driver of the further development of insurers' business may become health insurance. It is important noting that since September 2017 in Armenia has been implemented a pilot-project of compulsory health insurance. This system has begun to apply for the state employees and a part of the costs have been covered by the state. The number of beneficiaries of social packages is of 80 - 100 thousand people. In the future, this insurance will be extended in case of the low-income citizens; the state will support part of the cost of insurance policies as well. About 612,000 low-income citizens will be included in this program.

In order to effectively use financial resources and strengthen control over their flow, medical assistance will be provided through health insurance: "I think that our government will give preference to compulsory health insurance as the only possible effective method of financing medical services in the country", stated for ArmInfo, Levon ALTUNYAN, Minister of Health former CEO of INGOSSTRAKH Armenia.

In the reporting period, the claims paid by the insurers increased by almost 18%. According to ArmInfo, market recorded a noticeable growth of losses on MTPL insurance (due to increase of registered insurance cases on MTPL insurance overall settled by the amicable report system), Fire and allied perils, GTPL and CARGO insurance.

Find detailed 1H2017 market data in the forthcoming edition of the XPRIMM Insurance Report CEE, SEE & CIS - 1H2017, to be launched on Baden-Baden, Germany, on October 22nd.

Access www.xprimm.com and download the 1H2016 Armenian insurance market statistic

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

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