STATISTICS:

STATISTICS: ARMENIA, FY2017: claims expenses went up at a significantly higher pace than GWP

Claims expenses growth exceeded by far the GWP increasing pace in 2017, in the Armenian market. Thus, while paid claims went up by 24.9% - against 4.9% growth in 2016 -, GWP saw a y-o-y growth rate of only 6.2%, slightly improved as compared with the previous year (5%).

Thus, GWP amounted to AMD 34.9 billion (EUR 60.25 million), while total paid claims amounted to AMD 17.76 billion (EUR 30.62 million), as provided in their official reports under the standards of the Central Bank of the Republic of Armenia. According to the insurance companies' ranking, prepared by ArmInfo, all 6 insurers recorded an annual growth of claims, the biggest claims' growth rate being showed by RESO - 55.5%.

From the point of insurance classes, the biggest y-on-y growth rate of claims was recorded by public liability - 10 times increase, property - 2.6, cargo - 2.1, MTPL class had a rapid increase up to 32.7% from 3.4% in 2016, but Motor Hull had an opposite trend - declining rate to 1.2% from 6.9% in 2016. Rising trend also had: travel insurance - by 27.8%, property fire and natural disasters insurance - by 21.7%, health insurance up to 17.8% from 5% in 2016 mostly due to launch in October 2017 of compulsory medical insurance. Other classes showed annual declining trend, for example, financial risks - by 42.5%, accidents - by 20.8%.

In 2017 Armenian insurers reported in general over 203 thousand insurance events, the major part is in medical insurance - about 140 thousand events and MTPL - about 59 thousand events.

Armenian insurance market is represented by 6 companies working in 17 insurance classes. INGO Armenia has the biggest number of licensed classes - 16.
 

Access www.xprimm.com and download the FY2017 Armenian Republic insurance market figures

1 EUR = 580.10 AMD (31.12.2017)

Information provided by Karina MELIKYAN, Head of the Rating service (ArmInfo)

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

Share |

Related articles

ARMENIA: export insurance in 2018 increased by 73%

In 2018 export insurance recorded a significant growth. Total insured amount was AMD 7.9 billion (+73% y-o-y), at that total insurance premiums exceeded the planned level for 2018-2020 by 31%, as the press office of the Export Insurance Agency of Armenia announced.

2019-01-18

ARMENIA: launch date of agro insurance project is not yet determined

The Agricultural Ministry of Armenia previously announced that around the end of 2018 and beginning of 2019, insurers would start to sell agro insurance policies. However, as of now, launch of the agro insurance project is not yet determined and no memorandums are signed with insurers, as member of the Agricultural Alliance and Council to the CEO of NAIRI company, Artak MARTIROSYAN, announced.

2018-10-24

ON THE MOVE

AZERBAIJAN: Azer ALIYEV re-heads Azerbaijan Insurers Association

Azer ALIYEV has been appointed the new chairman of the Azerbaijan Insurers Association (ASA). Association's ex-chair Mustafa ABBASBEYLIi has been assigned advisor to Labor & Social Protection Minister Sahil BABAYEV, as analytical and news agency FINEKO and ABC.AZ wrote.

23.01.2019

ALLIANZ announced three executives appointments

German insurance Group ALLIANZ announced three senior leadership appointments at ALLIANZ DIGITAL Health, ALLIANZ Private Krankenversicherung and Allianz Global Corporate & Specialty SE.

18.01.2019

TOP EVENT

Inclusive insurance on the agenda of the second CEE & SEE - Regional Actuarial Insurance Conference in Skopje, Macedonia

Insurance should be accessible to all social classes, regardless of their wealth and income status. Products offered today are conventional insurance products, largely inspired from the developed markets as "one-size-fits-all" solutions, affordable to only middle- and high-income clients in the Eastern Europe's emerging & developing markets. The low insurance penetration rates across the region show the need for another approach.

10.01.2019

Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.

06.11.2018

IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.

05.11.2018

See all