ArmInfo. The share of retail insurance in the portfolios of premiums of Armenian insurers in the first 9 months of 2018 was 49.7% (15.2 billion AMD), corporate insurance share was 50.3% (15.4 billion AMD), versus 57.1% and 42.9% respectively a year earlier.
At the same time, retail insurance accelerated y-o-y growth from only 3.5% to 8.2%, while the growth of corporate insurance grew sharply from 4.2% to 45.6%. Prior to the introduction of CMTPL in Armenia, as well as mandatory individual health insurance of state employees, the share of corporate insurance significantly prevailed over retail one.
According to the ranking of insurance companies of Armenia prepared by ArmInfo as of October 1, 2018, corporate insurance prevails in premium portfolios of two insurers - INGO Armenia and Sil Insurance - 60.5% and 50.1%, respectively, and retail insurance prevails in premiums of the rest four companies - 50,6- 62.9%. The largest disproportion between retail and corporate insurance was recorded in INGO Armenia - 39.5% and 60.5%, and Armenia Insurance - 62.9% and 37.1%. As for Rosgosstrakh Armenia, the share of retail insurance was 50.8%, and corporate insurance - 49.2%.
In the structure of insurance claims, the share of payments to retail customers accounted for 67.2% or 11.1 billion AMD, corporate - 32.8% or 5.4 billion AMD, against 71.9% and 28.1% respectively a year earlier. At the same time, reimbursement to legal entities sharply accelerated growth - from 7% to 61%, while the rise in payments to individuals accelerated moderately - from 25% to 29%. The share of retail payments prevails in insurance payouts by the five insurers, and Rosgosstrakh Armenia insurance company holds the lead - 90.9% (with a y-o-y increase in the absolute value by 41%). And only in INGO Armenia's portfolio of insurance claims the share of corporate payouts prevails - 52.3% (with a y-o-y increase in the absolute value by 63%).
In the structure of premiums transferred for reinsurance, the share of corporate insurance was 90.2% or 3.1 billion AMD (slowdown in y-o-y growth from 10% to 9%), retail - 9.8% or 340.5 million AMD (with an acceleration of y-o-y growth from 16% to 48%).
In Q3 2018Armenian insurers concluded 357518 contracts, exceeding the number of contracts of previous year by 19.8%. Thus, the number of insurance contracts valid on October 1, 2018 was 838037 with a y-o-y growth by 23.1%. Among classes, the leading position in terms of the number of contracts holds CMTPL- 234.7 thousand in the Q3, the number of active contracts on which exceeded 484.5 thousand by October 1. Thanks to the phased introduction of the obligatory segment, health insurance is the third - 49.9 thousand, in Q3 alone 1.9 thousand were concluded. It is noteworthy that health insurance showed the highest growth in the number of active contracts - 10-fold. Of the voluntary types of insurance, the most popular insurance is accident insurance, according to which 58.1 thousand contracts were concluded in the Q3, and the number of valid ones by October 1 reached 201.7 thousand (with a y-o-y growth of 50.3%).
By the number of contracts in the segment of CMTPL, Rosgosstrakh Armenia is the leader (133.2 thousand operating as of October 1, of which 62.6 thousand were concluded in the Q3), which is also in the first position in health insurance (29.5 thousand valid on October 1). On insurance of those traveling abroad, INGO Armenia Insurance Company (6 thousand valid on October 1) became the leader in terms of the number of contracts, which holds the first position on accident insurance and property insurance (respectively 101.5 thousand and 23.5 thousand valid on October 1) . In terms of comprehensive automobile insurance, Sil Insurance took the leadership (1.907 thousand valid on October 1), yielding the RESO Insurance Company, which was the leader previously, to the second position (1.894 thousand valid on October 1).
By the number of contracts concluded in the Q3 INGO Armenia leads - 95 thousand, "Rosgosstrakh Armenia" is the 2nd - 94.4 thousand, Nairi Insurance is the 3rd - 69.2 thousand, Sil Insurance is the 4th - 35.9 thousand, RESO is the 5th - 32.2 thousand, and Armenia Insurance closes the list - 30.7 thousand. Contracts on CMTPL dominate in the contracts of all the six companies with a maximum by Sil Insurance (87.1%) and a minimum by INGO Armenia (43,5 %).
In the total number of contracts concluded in the third quarter, the share of CMTPL accounts for 65.6%, and the share of health insurance - 0.53%, against 67.4% and 0.54%, respectively, a year earlier. And in the structure of contracts valid on October 1, 2018, the share of CMTPL accounted for 57.8% and health insurance - 5.95%, against 67.7% and 0.68% on the same date a year earlier.
To note in Armenia, out of 19 available insurance classes, 17 are currently involved, with the exception of railway transport, judicial and extrajudicial expenses. The leaders in insurance classes are INGO Armenia (16) and Rosgosstrakh Armenia (15). Moreover, Rosgosstrakh Armenia Insurance Company is the only one in the insurance market licensed for insuring credit risks, and INGO Armenia Insurance Company is the only one for insuring water transport and liability for its use. (The estimated exchange rate of the dram on September 30,2018 was 482.71 AMD / 1$).