Wednesday, July 24 2013 17:00
Armenian insurance market's net profit tripled by late Q1 2013
ArmInfo. In Q1 2013 the aggregate net profit of 7 insurance companies of Armenia totaled 340.8 mln AMD ($814.1 thsd) against the 648.5 mln AMD loss in Q1 2012.
The Ranking of Insurance Companies of Armenia by the Agency of Rating Marketing Information (ArmInfo), 5 out of 7 insurance companies fixed net profit growth. Armenia Insurance fixed the biggest growth - almost 11-fold to 70.5 mln AMD. Nairi Insurance registered almost 4-fold growth to 130.9 mln AMD (against the loss of 83.4 mln AMD in Q1 2012) and took the lead in the market by the absolute value of the net profit. INGO Armenia ranks next - 121.9 mln AMD (almost 3-fold growth). Armenia Insurance is the third in terms of the net profit. In Q1 2013 RESO registered the smallest profit - 19 mln AMD (3-fold growth).
SIL Insurance and Rosgosstrakh Armenia registered loss in Q1 2013 - 53 mln AMD and 1.2 mln AMD respectively.
In Q1 2013 the insurance companies of Armenia collected premiums worth 11.4 bln AMD ($27.2 mln), 0.3% less than in Q1 2012. In the meantime, the Armenian insurers' insurance payments grew by 83% to 4.9 bln AMD ($11.7 mln). Rosgosstrakh Armenia and INGO Armenia held the first and second positions by the premiums collected and indemnities paid.
As of 1 April 2013, there were 7 companies in the Armenian insurance market. They provide 16 out of 18 classes of insurance. It is not ruled out that by late 2013 Garant Insurance will leave the insurance market of Armenia.