Rosgosstrakh Armenia pays major part of indemnities on insurance market of Armenia

ArmInfo. Yerevan, December 18. ArmInfo. Gayane Isahakyan. Rosgosstrakh Armenia pays the major part of indemnities on the insurance market of Armenia, according to the official data posted on the website of the Armenian Motor Insurers' Bureau.   

The company's press release says that the biggest average amount of indemnities means that in case of an accident the company pays more money to the aggrieved drivers to restore the damaged the property.

The company has taken measures to optimize the settlement of losses.  As a result, Rosgosstrakh Armenia has minimized the period of indemnity payment. With all the necessary documents available, the indemnity is paid within 3-5 days instead of the 14-21 days stipulated by the law on the motor third party liability (MTPL) insurance.

"December is a season for active renewal of MTPL contracts. The public opinion poll among the car owners has demonstrated that the most important factor in the choice of the insurance company is the amount of indemnities paid by the insurer. Another important factor is how fast the indemnity is paid," the source says.

According to the Ranking of Insurance Companies of Armenia by the Agency of Rating Marketing Information (ArmInfo), in Q3 2015 Rosgosstrakh Armenia retained leadership on the market in terms of total insurance premiums and indemnities, including the MTPL ones. As of 1 Oct 2015, the company's portfolio amounted to 7.6 bln AMD (6.1% year-over-year decline). The amount of indemnities totaled 3.2 bln AMD (down 65.8%). The company's share of insurance premiums on the market made up 32.2%, and the share of indemnities - 33.7%. In Jan-Sept 2015, the number of insured events was 27,233 (2nd position on the market). The share of MTPL premiums in the insurer's portfolio was 57% or 4.3 bln AMD (down 6.8%). The share of MTPL indemnities in the total amount of the company's indemnities made up 69% or 2.2 bln AMD (down 20.4%). The market coverage of MTPL premiums totaled 33.4%, and that of MTPL indemnities - 36.6%. As of 1 Oct 2015, the company signed 78,383 insurance contracts, including 58,634 MTPL contracts.

Rosgosstrakh Armenia also retains leadership in the key financial parameters. In particular, in Jan-Sept 2015, the net profit of the company totaled over 1 bln AMD (up 39.9%), assets - 11.9 bln AMD (down 7.4%), own capital - 5.1 bln AMD (up 17.4%). As of 1 Oct 2015, the number of the company's employees was 328 versus 341 a year before, and the number of agents was 2,308 versus 2,151 a year before.

"ROSGOSSTRAKH ARMENIA" CJSC was established in Armenia in 2008.  It operated on the basis of the Central Bank's license No.0009 issued on May 20 2008 for non-life insurance policies. The company is a subsidiary of ROSGOSSTRAKH Russia group of companies. The legal capital of the company totals 4.5 bln AMD.  The company runs 47 offices in all towns of Armenia with 18 branches and 13 sales offices in Yerevan and 34 in the regional centers and cities in Armenia. In Dec 2011 "ROSGOSSTRAKH ARMENIA" was the first on the insurance market of Armenia to get the certificate of compliance ISO 9001:2008 from Moody International.