Saturday, August 20 2011 18:39
Insurance market of Armenia has become profitable thanks to OSAGO payments
Arminfo. The insurance market of Armenia has become profitable thanks to the OSAGO payments. It ensured net profit 1.159 bln drams ($3.13 mln) in the 1Q 2011. As press-service of Central Bank reported, the net profit of Armenian insurance companies has grown more than threefold versus the same period of 2010.
The fees of the insurance companies for 1Q 2011 grew by 55,2%, and by 6,7 times versus 1Q 2010, having amounted to 12.8 bln drams. The volume of compensations for 1Q 2011 reduced by 27%, and grew by 3,6 times versus 1Q 2010, having amounted to 1.275 bln drams.
According to the Ranking of insurance companies prepared by Arminfo, in the structure of the insurance premiums the lion's share 86% was OSAGO, where the leading three are: "Rosgosstrakh-Armenia", "INGO Armenia" and "RESO". Then comes medical insurance - about 5%, where "INGO Armenia" is the leader. Then comes property insurance - more than 3% in the insurance premiums and again "INGO Armenia" is the leader. As for the compensation structure, as of 1 April 2011 the share of OSAGO reached almost 57%. The three leaders are: "Rosgosstrakh-Armenia", "INGO-Armenia" and "RESO".
The aggregate assets of the acting insurance companies of Armenia reached 31.9 bln drams by 1 April 2011, having grown by 24,7% for the 1Q, and almost twofold versus 1Q 2010. The share of the capital assets amounted to 1.490 bln drams (growth by 32,7% versus 4Q 2010, and by more than twofold versus 1Q 2010), the monetary funds - 49 mln drams (dropping by 6,7 times versus 4Q 2010 and growth by 2,6 times versus 1Q 2010), account receivable - 1.6 bln drams (growth by 9% versus 4Q 2010, and by more than fourfold versus 1Q 2010). The share of the dram assets was 68,8% or 22 bln drams, and of the foreign currency ones - 31,2% or 9.9 bln drams. The total liabilities of 9 insurance companies of Armenia amounted to 16.9 bln drams as of 1 April 2011, having grown by 28,9% for the 1Q, and by 3,7 times versus 1Q 2010. The share of the dram liabilities was 96,5% or 16.3 bln drams, and the foreign currency ones - 3,5% or 592 mln drams. The insurance reserves of the local insurance companies grew by 4,6 times for the 1Q 2011 having amounted to 13.4 bln drams, which is by 4,7 times more than in the 1Q 2010. The account payable of Armenian insurance companies amounted to 171 mln drams, growth by 35,7% versus 4Q 2010 and by 88% versus 1Q 2010.
The aggregate total capital of insurance companies amounted to 15,051 bln drams as of 1 April 2011, having grown by 20,3% for the 1Q, and by 23% versus 1Q 2010. The authorized capital amounted to 13.5 bln drams with 11,2% growth versus 4Q 2010, and with 26,5% growth versus 1Q 2010. As of 1 April 2011 the accumulated profit amounted to 1.074 bln drams, by 12,7% less versus 1Q 2010.
According to the Ranking of insurance companies prepared by Arminfo, in the 1Q 2011 9 insurance companies of Armenia made 319195 contracts the insurance sum of which amounted to 4.746 trillion drams, growth by 55,4% versus 4Q 2010.
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