Friday, June 13 2014 20:48
Armenian insurance companies reduced premiums by 4.1% and increased payouts by 24.2% over year
ArmInfo. The insurance premiums of the Armenian insurance companies (exclusive of Garant Insurance, which is undergoing merger with Rosgosstrakh Armenia) dropped by 4.1% over year, while the payouts rose by 24.2%. By 1 April 2014, the aggregate insurance premiums amounted to 10.3 bln AMD, with the insurance payouts amounting to 5.5 bln AMD (the figures are presented from the insurance companies' reports according to the Central Bank's standards). As a result, in Q1 2014 the insurance system of Armenia demonstrated a net profit of 1.2 bln AMD.
According to the Ranking of Insurance Companies of Armenia prepared by the Agency of Rating Marketing Information (ArmInfo), in Q1 2014 Rosgosstrakh Armenia was in the lead in premiums - 3.4 bln AMD (up 2.5% versus Q1 2013). INGO Armenia was the second with 2.4 bln AMD (down 15.2%). Nairi Insurance was the third with 1.7 bln AMD (up 3.9%). Sil Insurance was the fourth with 1.2 bln AMD (up 14.5%). RESO was the fifth with 898.7 mln AMD (down 29.2%). Armenia Insurance was the sixth with 740.8 mln AMD (up 8.5%).
Obligatory motor insurance accounted for 69.9% of all insurance collections (7.2bln AMD, 4.5% annual growth), health care insurance for 14% (1.4bln AMD, 24.9% annual drop), casco insurance for 5.1% (533mln AMD, 17% annual growth), property risk insurance for 4.6% (474mln AMD).
In 10 insurance classes Armenia's insurance companies collected 651mln AMD. Only Rosgosstrakh Armenia insures credit risks in the country and only Rosgosstrakh Armenia and INGO Armenia insure air transport.