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.

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