Monday, June 16 2014 15:14
In Q1 2014 average monthly salary of an insurance company employee in Armenia dropped by 12.8%
ArmInfo. In Q1 2014 as compared with Q1 2013 the average monthly salary of an insurance company employee in Armenia dropped by 12.8% to 287,600 AMD or $696.
According to ArmInfo's Ranking of Insurance Companies of Armenia, 3 of 6 Armenian insurance companies raised their wages: Sil Insurance by 29.8% from 157,500 AMD to 204,500 AMD, INGO by 24.4%, Armenia Insurance by 14.4%. Sil Insurance increased its staff by 15.8% to 198, while INGO Armenia and Armenia Insurance cut their staffs by 15.6% to 243 and by 6.5% to 72, respectively.
RESO cut its wage by 38.7% to 391,900 AMD, Nairi Insurance by 34.6% to 232,100 AMD, Rosgosstrakh Armenia by 16.5% to 305,900 AMD. RESO cut its staff by 23.4% to 98, while Nairi Insurance and Rosgosstrakh Armenia enlarged their staffs by 32.6% to 179 and by 8.5% to 345, respectively.
As of Apr 1 2014 Armenia's insurance companies employed a total of 1,135 people (1.6% more than on A1 2013). Rosgosstrakh Armenia had the largest staff (345 employees), Armenia Insurance the smallest one (72 employees).
RESO had the highest salary (391,900 AMD or $948), Sil Insurance the lowest one (204,500 AMD or $495).
As compared with Q1 2013 the wage costs of Armenia's insurance companies dropped by 11.4% to 979.1mln AMD or 62.8% of their administrative expenses. Rosgostrakh Armenia spent 316.5mln AMD, INGO Armenia 234.9mln AMD, Nairi Insurance 124.6mln AMD, Sil Insurance 121.4mln AMD, RESO 115.2mln AMD, Armenia Insurance 66.3mln AMD.
As of Mar 31 2014 the AMD/USD exchange rate made up 413.31 AMD/1 USD.