ArmInfo. In Armenia, the ratio of unprofitability by April 1, 2018 increased by OSAGO, and by CASCO, and by voluntary medical insurance - decreased. According to Ranking of insurance companies of Armenia prepared by NA ArmInfo, as of 31.03.2018, the loss ratio for OSAGO insurance in the average on the market increased from 56% to 62.9% per annum, and the decrease was recorded by CASCO - from 77% to 66.4 % and on medical insurance - from 42,7% to 25%.
The annual growth in the loss ratio was also observed in the insurance of those traveling abroad - from 19.7% to 28.3% on average, property insurance against fires and natural disasters - from 5.4% to 17.3%, cargo transportation insurance - from 2, 8% to 10%, financial loss insurance - from 75.5% to 85.3%, accident insurance - from 9% to 9.8%.
The volume of insurance premiums as of April 1, 2018 was 14.1 billion AMD, and compensation - 5.7 billion, with annual growth of 47.6% and 36.9% respectively. OSAGO and medical insurance in terms of premiums and reimbursements keep leadership. Moreover, OSAGO premiums showed an annual decline of 2.1% with an increase in compensation by 11.2%, and medical insurance increased premiums 2.9 times with an increase in compensation by 2.2 times. According to the CASCO, the premiums and reimbursements grew by 21.9% and 6%, respectively.
For OSAGO for 7 years from the introduction of compulsory motor insurance to this day, many steps have been taken to improve this segment. The introduction of the direct compensation mechanism since April 2017 turned out to be the root change in the OSAGO system. Automation of all processes is actively going on. Work is underway to transfer OSAGO processes to a new level of standards and automation - to the single window system and a single platform for the insurance market under the project "Armenian Single Window for Automative - ASWA". Until mid-2018, it is planned to launch an digital version of registration of insurance cases, a unified registration system with the Road Police according to more modern standards. But the development of the insurance market of the Republic of Armenia is not limited only by the internal changes in the procedures. For more than a year the Green Card Bureau has been discussing the process of Armenia's possible membership in the system of international motor third party liability insurance.
There are 6 companies operating in the Armenian insurance market, out of which there are 17 working classes, except for railway transport insurance and insurance of judicial and extrajudicial expenses.