According to the 1Q2024 results, the list of 1000 largest taxpayers in Armenia included, as a year earlier, 3 insurance companies out of the existing 7: LIGA Insurance, Nairi Insurance and INGO Armenia (now INGO), ArmInfo reports.
As part of the pilot agroinsurance program, the Armenian government will not only subsidize insurance premiums, but also compensate the costs of insurance companies if a certain threshold of insurance payments is exceeded, as Minister of Economy Gevorg Papoyan said on April 12, ArmInfo writes.
The insurance sector of Armenia ended 2023 with an increase of 16.26%, reaching AMD 71.01 billion, as evidenced by the data of the Financial Rating of Insurance Companies provided by ArmInfo. It is worth noting that in euros the annual market growth was almost half as much (+9.03%, EUR 158.55 million).
In 2023, as part of the pilot agroinsurance program, all 13 agricultural crops included in the program were insured, and the total area of insured land reached 11,000 hectares, ArmInfo writes with reference to the press service of the Ministry of Economy of Armenia.
In the insurance market of Armenia, MTPL loss ratio increased by December 1, 2023 to 70% from 65% a year earlier, ArmInfo writes with reference to data from the Bureau of Motor Insurers of Armenia.
In the insurance market of Armenia, the MTPL loss ratio by November 1, 2023 reached 68% (vs 64% a year earlier), ArmInfo reports citing the data of the Bureau of Motor Insurers of Armenia.
In the insurance market of Armenia, the growth of paid claims continues to accelerate and the GWP growth slows down, as a result market profits began to decline. At the end of 3Q2023, net profit decreased by 9.4% to AMD 3.2 billion (USD 8.2 million), according to the Financial Rating of Insurance Companies of Armenia, prepared by ArmInfo.
At the end of 3Q2023, the insurance sector of Armenia grew by 15.67%, reaching AMD 55.03 billion (EUR 131.85 million), according to the data from the Financial Rating of Insurance Companies provided by ArmInfo.
The health insurance system of Armenia will be launched from mid-2024, AMD 18 billion (~EUR 41.86 million) will be allocated for these purposes, according to the Minister of Health Anahit Avinesyan, ArmInfo wrote.
On the insurance market of Armenia, MTPL loss ratio continued to grow and reached 66% as of October 1, 2023 (vs 64% a year ago), ArmInfo reports with reference to the Bureau of Motor Insurers of Armenia.
MTPL loss ratio began to slowly grow in the Armenian insurance market - by September 1, 2023, on an annual basis, it increased from 63% to 65%, ArmInfo reports.
In 2023, compared to 2021, the number of agroinsurance contracts doubled, and total insured land increased by 80%, ArmInfo writes with reference to the head of the department for designing programs in agriculture of the Ministry of Economy, Ira Panosyan.
On the insurance market of Armenia, MTPL loss ratio has been at 64% for a year, which is much lower than 79% in January-July 2021 and 72% in the same period of 2019, ArmInfo wrote.
The insurance sector ended the first half of 2023 with an increase of 22%, reaching AMD 41.28 billion (EUR 98.55 million). At the same time, the growth of paid claims led to a noticeable decrease in the growth rate of profits of insurance companies in Armenia, according to the data of the Financial Rating of insurance companies provided by ArmInfo.
In 1H2023, the Armenian insurance sector increased tax payments to the state treasury by 10%, providing total of AMD 1.010 billion (~EUR 2.40 million), of which AMD 855.1 million were direct taxes, with an annual growth of 9.2%, ArmInfo reports.
According to the 1H results, the MTPL loss ratio in Armenia stabilized at 64%, having slightly decreased from 65% in the same period of 2022, while much lower than 81% in 2021, and 73% in 2019, ArmInfo reports.
At its plenary session on June 13, the National Assembly of the Republic of Armenia started discussions on the draft agreement on the establishment of the Eurasian Reinsurance Company (ERC) presented by the Armenian government, ArmInfo reports.
From January to April 2023, the MTPL loss ratio in Armenia decreased to 62% vs 67% in January-April 2022, which is even lower than the pre-Covid 73% in January-April 2019, ArmInfo reports.
The insurance sector of Armenia in the first quarter of 2023 grew by 17.24% to AMD 23.81 billion (EUR 48.94 million). At the same time, paid claims' growth slightly outpaced premiums and amounted to 18.70%, as shown by the data on the activities of insurance companies provided by ArmInfo.