Monday, September 24 2012 16:47
Health insurance of state employees allow insurers to increase their portfolios by 66% to 57.1 mln AMD
ArmInfo. Over the first half of 2012, the aggregate insurance premiums collected by 7 insurance companies of Armenia amounted to 23.8 bln AMD ($57.1 mln). As compared with the first half of 2011, the insurance premiums of the Armenian insurers grew by 66%.
According to the Ranking of Insurance Companies of Armenia by the Agency of Rating Marketing Information (ArmInfo), in the structure of insurance premiums the share of corporate insurance made up 24%, retail insurance - 76%. Over the first half of 2012, INGO Armenia was in the lead in terms of premiums - 6.5 bln AMD (almost 2-fold y-o-y growth). Rosgosstrakh Armenia ranked next with 6.1 bln AMD (26.6% y-o-y growth). RESO was the third with 3.9 bln AMD (2-fold growth), and Nairi Insurance was the fourth with 2.7 bln AMD (54.4% growth). Garant Insurance was the fifth with 2.3 bln AMD (more than 2-fold growth). RASCO was the next with 1.4 bln AMD (80.1% y-o-y growth). The lowest volume of premiums over the first half of 2012 was demonstrated by SIL Insurance - 832 mln AMD (30.5% growth).
Over the first half of 2012, the share of the motor third party liability insurance (MTPL) in the aggregate portfolios of the 7 insurance companies was 42.5% or 10.1 bln AMD. The given segment dropped by 10.8% versus the first half of 2011. Rosgosstrakh Armenia was in the lead in terms of MTPL premiums - 3.1 bln AMD. SIL Insurance demonstrated the lowest volume of MTPL premiums - 644.1 mln AMD.
Health insurance premiums grew almost 17 times to 10.5 bln AMD. Such a considerable growth in health insurance premiums was due to the introduction of the social security project for state employees in Armenia in early 2012. Health insurance is a compulsory component of this project. The basic tariff of the policy is 52 thsd AMD. INGO Armenia was in the lead in the given segment of premiums with 2.8 bln AMD.
In the structure of 7 insurers' portfolios, the share of property risk insurance premiums was 5.5% or 1.3 bln AMD. These premiums grew by 70% versus the first half of 2011. The biggest volume of premiums of property risk insurance was fixed in INGO Armenia (757.6 mln AMD). The insurance companies collected CASCO premiums worth 911 bln AMD (3.8% of the total volume of premiums, 60% y-o-y decline). The biggest volume of CASCO premiums was registered in INGO Armenia - 298 mln AMD. In terms of general liability insurance, the Armenian insurance companies collected premiums worth 195.5 mln AMD (0.83%). This segment of insurance grew by 15.1% versus Jan-June 2011. INGO Armenia was in the lead in this segment with 85.7 mln AMD.
Over the first half of 2012, the freight insurance premiums of Armenia's 7 insurers totaled 185.8 mln AMD (0.8%, with the y-o-y decline being 37.7%). In this segment INGO Armenia was in the lead with 45.5 mln AMD.
To note, over Jan-June 2012 the 7 insurance companies of Armenia paid a total of 5.967 bln AMD ($14.3 mln). The payments of the insurance market grew more than 2-fold versus Jan-June 2011.
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