STATISTICS: ARMENIA, 3Q2018: GWP up by 24.27%, more than half of the premiums generated by motor insurance
Total paid claims of the market amounted to AMD 16.5 billion, increasing y-o-y by almost 38%. Total profit from insurance activity increased by 12.9% (vs decline by 13.9% a year ago). However, net profit of insurers from January to September dropped much more y-o-y - by 77.4% (vs decline by 56.1% a year ago), which, according to the insurance market ranking, made by ArmInfo, was due to the higher growth of paid claims over premiums.
More than half of the GWP volume (51.78%) was generated by motor insurance, at that the share of MTPL reached 46.97%. But MTPL paid claims also saw a much more rapid increase over premiums (21.57% vs MTPL premiums growth by only 4.08%). Second biggest class in terms of GWP is health insurance (market share is 29.86%). Here growth of premiums and paid claims was even more impressive (88.48% and 97.7% accordingly).
According to ArmInfo, the loss ratio during 3Q has increased for in many classes, in comparison with the previous year. MTPL loss ratio increased from 58.5% to 69.6%, in health insurance - from 51.7% to 55.1%. Annual growth of loss ratio was demonstrated also by travel insurance, other damages to property, financial risk insurance, cargo insurance and others. Decline of the loss ratio was reported by Motor Hull (from 68.6% to 68.3%), fire and allied perils (from 9.6% to 6%), as well as by accidents insurance and GTPL.
The first place on the market in terms of net profit was taken by INGO Armenia - AMD 229.6 million (- 25.6%), next goes NAIRI Insurance (AMD 210.6 million; - 45.5%) shifting Armenia Insurance to the third place with its net profit of AMD 190.6 million (- 45.2%). In terms of GWP the leader is ROSGOSSTRAKH Armenia (29.48% market share), followed by INGO Armenia (24.2%) and NAIRI Insurance (19.07%).
*EUR 1 = AMD 559.65 (30.09.2018)
Access www.xprimm.com, and download 3Q2018 Armenia insurance market statistics.