Thursday, December 9 2010 19:11
By 1 October 2010 average monthly salary of Armenian insurance system employees made up $578
ArmInfo. Over Jan-Sep 2010 the average monthly salary of the Armenian insurance system employees was 209 thsd AMD ($578), the annual decline being 11% due to reduction of this index in 6 out of 10 insurance companies. The biggest annual decline of the average monthly salary was registered in ISG - by 63,3% to 191 thsd AMD ($529), and the biggest annual growth (Griar Insurance exclusive) was fixed in SIL Insurance - over twofold growth to 235 thsd AMD ($651).
According to the Ranking of Insurance Companies of Armenia by the Agency of Rating Marketing Information (ArmInfo), by 1 October 2010 the highest average monthly salary was registered in Griar Insurance - 898 thsd AMD ($2.5 thsd) due to the transfer of its insurance portfolio to one of the operating insurance companies, with the biggest 11-fold annual growth and the salary fund being 56.6 mln AMD (number of employees being 7, with 90% annual decline).
Griar Insurance exclusive, the highest salary (253 thsd AMD or about $700) was fixed in INGO Armenia, the annual decline being 40.5% (number of employees being 48, with 85% (22 people) annual growth). The lowest average monthly salary was fixed in Garant Limens - 89 thsd AMD or $246, the annual decline being 30,5% (number of employees being 46, with over twofold annual growth).
As of 1 October 2010, the insurance sector had 417 employees (410 employees Griar Insurance exclusive), which is by 21,6% higher as compared with the same period of 2009. Unless the biggest decline in Griar Insurance, the annual growth would be almost twice. 7 out of the 10 operating insurance companies demonstrated annual growth in the number of employees, and the biggest growth was fixed in Rosgosstrakh-Armenia.
It is noteworthy that over the period under review 2 insurance companies left the market (Alpha Insurance, whose main insurance portfolio was acquired by Rosgosstrakh-Armenia, and London-Yerevan, which was merged with Rosgosstrakh-Armenia). These companies had employed 35-40 people. Griar Insurance is the next company intending to leave the market. A year earlier it employed 62 people (this was the highest index in the market). By 1 October 2010 the biggest personnel was registered in Rosgosstrakh-Armenia - 94 employees, their number having annually increased almost thrice. The smallest personnel (Griar Insurance exclusive) was registered in SIL Insurance - 23 people, the annual growth being 44%.
Over Jan-Sep 2010 the summary labor costs in the 10 insurance companies amounted to 783.7 mln AMD (727.1 mln AMD, Griar Insurance exclusive) or almost 26% of administrative costs. The maximum labor costs were registered in Rosgosstrakh-Armenia - 182.6 mln AMD, and the minimum labor costs were fixed in Garant Limens - 36.8 mln AMD. To note, the process of merger of Griar Insurance with INGO Armenia was over in October 2010.
