Tuesday, September 11 2012 16:48
Misconduct of drivers may lead to growth in motor third party liability insurance tariffs in Armenia
ArmInfo. The misconduct of the drivers and the attempted fraud may lead to growth in motor third party liability insurance (MTPL) tariffs in Armenia, Head of INGO Armenia insurance company, Levon Altunyan, said at a press conference in Yerevan. He said that the MTPL profitability is very low for the insurers. He added that the criticism of some politicians saying that the insurance companies obtain excessive profit is ungrounded and unprofessional, because these conclusions are made on the basis of the primitive ratio of the MTPL payments against the premiums collected, without talking into account the general operating and administrative costs for serving the insurable events.
Altunyan said that the voluntary types of insurance in the portfolio of INGO Armenia constitute more than half of the premiums collected, and the annual growth of premiums from the voluntary types of insurance is about 25%. "These figures demonstrate the company's financial stability in the long-term outlook", Altunyan said.
According to the Ranking of Insurance Companies of Armenia by the Agency of Rating Marketing Information, over the first half of 2012 7 insurance companies of Armenia collected premiums worth 23.8 bln AMD, of them 10.1 bln AMD being MTPL premiums. The insurance payments of the Armenian insurers amounted to 6 bln AMD, of them 4.2 bln AMD being MTPL payments. INGO Armenia is in the lead by the volume of premiums collected over the first half of 2012 (almost 1/3rd of the premiums collected by the insurers).
To recall, INGO Armenia entered the Armenian insurance market in 1997. It is licensed to provide 15 classes of non-life insurance. The company is a full member of the international INGO Group and has one of the widest agent networks. By the end of the first half of 2012 the company's assets exceeded 10 bln AMD.
In early July 2012 the merger of INGO Armenia and Cascade Insurance was over, and Cascade Insurance stopped its existence.
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