Wednesday, July 24 2013 17:45
Armenian insurance market capacity shrank by 0.3% to 27.2 mln USD in Q1 2013
ArmInfo. In Q1 2013 the capacity of the Armenian insurance market shrank by 0.3% to 11.4 bln AMD ($27.2 mln).
The Ranking of Insurance Companies of Armenia by the Agency of Rating Marketing Information (ArmInfo) says that in Q1 2013 Rosgosstrakh Armenia took the lead by the premiums collected - 3.3 bln AMD (down 2.6% versus Q1 2012). INGO Armenia ranked next with 2.8 bln AMD (up 16%). Nairi Insurance was the third - 1.6 bln AMD (up 27%).
RESO was the fourth with 1.3 bln AMD (down more than 1/3). SIL Insurance was the fifth with 1 bln AMD (up 62%). Armenia Insurance was the sixth with 683 mln AMD (down 0.2%), and Garant Insurance was the seventh with 604 mln AMD (down 41%).
In the structure of the insurance premiums collected in Q1 2013, the share of motor third party liability insurance was the biggest - 64.7%, or 7.36 bln AMD. In this segment Rosgosstrakh Armenia was in the lead with 2.1 bln AMD. The share of health insurance was 18%, or 2.052 bln AMD, with INGO Armenia being in the lead - 595 mln AMD. The share of property risk insurance was 466 bln AMD (4.1% of total), with INGO Armenia being the leader - 190.2 mln AMD. The share of CASCO was 4.2% (476.2 mln AMD), and Rosgosstrakh Armenia held the first position in this segment with 126.7 mln AMD.
The share of the other 10 insurance classes (non-life insurance numbers a total of 18 insurance classes) made up over 1 bln AMD. It should be noted that Rosgosstrakh Armenia is the only insurance company that insures repayment risks in Armenia. Only Rosgosstrakh Armenia and INGO Armenia are engaged in the segment of aviation insurance. No contracts were signed in the segments of watercraft insurance, watercraft liability insurance, guarantee insurance, and railroad insurance in Q1 2013.