Wednesday, August 31 2011 18:06
Over Q2 2011 premiums of Armenian insurers dropped over 4 times, while payments grew by almost 50%
ArmInfo. Over Q2 2011 the insurance premiums of the Armenian insurers dropped over 4 times. According to the National Statistical Service of Armenia, the major part of insurance premiums fell on property insurance. By this type of insurance, Armenian insurers gathered 1.022 bln AMD insurance premiums (31% quarterly growth). Since early 2011 the premiums from property insurance have risen by 37.1%.
Over Q2 2011 the premiums from the motor third party liability (MTPL) insurance totaled 992.5 mln AMD (over 9-fold quarterly decline). To recall, MTPL was introduced in Armenia on 1 Jan 2011, and the major part of the premiums fell on Q1 2011. Medical insurance ranks next with 293.4 mln AMD (2.4-fold quarterly growth). Since early 2011, the premiums from medical insurance grew by 69.3%. Over Q2 2011 the volume of insurance payments of Armenian insurers totaled 1.7 bln AMD (48.7% quarterly growth, and 2.6-fold growth over the first half of 2011).
The biggest volume of compensatory payments - 1.052 bln AMD – fell on MTPL (69.4% growth over Q2). Medical insurance ranks next with 304.2 mln AMD payments (over twofold quarterly growth). Property insurance holds the third place in terms of compensations - 226.5 mln AMD (15.2% quarterly decline). According to the source, as of 1 July 2011 the equity capital of Armenian insurers amounted to 15.4 bln AMD (3.7% quarterly growth). The pretax profit of the insurance companies at the end of the first half of 2011 was 1.473 bln AMD (60.1% quarterly growth).
As of 1 July 2011, the number of effective agreements was 320,698 (50.4-fold growth over the first half of 2011), including the slight decline over Q2 2011 (by 1.5%).
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