Monday, September 26 2011 21:16
MTPL (OSAGO) suffers 48% loss for 8 months of 2011
ArmInfo. The Motor Third Party Liability Insurance (OSAGO) suffered a 48% loss for the 8 months of 2011, Vahan Avetisyan, Executive Director of the Bureau of Motor Insurers of Armenia self-regulating organization, said in the Armenian National Assembly, Monday. The remaining 52% were administrative costs and MTPL insurance premiums, he said.
Avetisyan said that insurance companies in Armenia received over 15,000 applications on insurance events (managed and subject to management) in Jan-Aug 2011. By data of the Bureau, by late 2011 this indicator will reach 22,520, which is 9% higher than Bureau forecasts before introduction of MTPL. The total number of accidents will reach nearly 20,000 till the end of the year outstripping the official statistics on road accidents 10fold and coinciding with the forecasts of insurers. Avetisyan said that the number of accidents does not differ much from the forecasts of insurers.
Executive Director of the Bureau did not make any forecasts on MTPL loss for lack of annual statistics on accidents.
By data of the Bureau, insurance companies of Armenia collected 13,168 billion drams MTPL premiums for 8 months of 2011. The applications subject to compensation totaled 2.8 billion drams. The events subject to management totaled 1.014 bln drams for 8 months of 2011. The unearned premiums made up 4.4 bln drams.
The Road Police of Armenia Information Center reported 465029 motor vehicles in Armenia and 17873 in NKR.
As of late Aug 373022 drivers had MTPL policies. The share of Rosgosstrakh Armenia Insurance Company in total insurance premiums was 33%, the share of INGO Armenia IC - 17.4%, RESO IC - 14%, Nairi Insurance IC - 12.6%. The remaining 23% was the share of Cascade Insurance IC, RASCO, Garant Limens and Sil Insurance companies.
The Law on Motor-Third Party Liability Insurance came into force on 1 January 2011.
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