Tuesday, February 12 2019 14:47

ArmInfo. In 2018, the Armenian  insurers reimbursed 22.8 billion drams or $ 47.1 million in different  classes (figures are from IC portfolio portfolios according to the  standards of the Central Bank of Armenia). During the reporting year,  reimbursement of insurers increased by 28.4%, against 24.9% growth  for 2017. At the same time, the insurance premiums of the Armenian  insurance companies recorded an y-o-y growth of 17.4% - up to 41.02  billion drams or $ 84.8 million, against 6.2% growth for 2017.

According to the Financial Rating of Insurance Companies of Armenia,  prepared by ArmInfo Investment Company, the y-o-y growth of payments  was provided by five companies, the largest among Nairi Insurance -  by 47.8% and Armenia Insurance - by 46.3%, and the only decline was  recorded at "RESO" (3.4%).

Insurance class recorded the largest y-o-y increase in payments  recorded for accident insurance - 2 times (against a decline of 20.8%  in 2017), and for health insurance - by 73% (against 17.8% growth in  2017). ).  Moreover, in medical insurance, a sharp acceleration in  the growth rate of both reimbursements and premiums (from 28.1% in  2017 to 50.4% in 2018) is due to the launch from October 2017 of the  process of phased introduction of compulsory medical insurance,  within which The beneficiaries of the first stage of the social  package were state employees with the financing of payments at the  expense of state funds.

The upward trend was also recorded in general liability insurance -  by 36.6% (against a 10-fold increase in 2017), traveling abroad - by  16.5% (against a 27.8% growth for 2017), fully comprehensive  insurance - by 17, 5% (against 1.2% growth for 2017), compulsory MTPL  insurance - by 15.9% (against 32.7% growth for 2017), property from  other damages - by 16.5% (against growth in 2.6 times for 2017),  property from fires and natural disasters - by 15% (against 21.7%  growth for 2017). For the rest of the insurance classes, the annual  trend of reimbursement in a downturn: cargo transportation - by 38.8%  (vs. 2.1 times growth for 2017), liability from the use of land  transport - by 33% (against 45.9% decline for 2017), financial damage  - by 12.7% (vs. 42.5% decline for 2017).

In the reporting period, there were no fixed payments for insuring  credit risks (licensed by Rosgosstrakh Armenia and Armenia  Insurance), for insuring air transport and liability for its use  (licensed by INGO Armenia, Rosgosstrakh-Armenia and Nairi Insurance)  and water transport and liability for its use (only INGO Armenia) and  guarantees provided (licensed by INGO Armenia and  Rosgosstrakh-Armenia).

The largest share of payments in the compensation structure  traditionally fell on compulsory motor third party liability  insurance (MTPL) - 59.4% or 13.5 billion drams, against 65.8% a year  earlier. The share of health insurance accounted for 30.6% of the  total insurance payments, or 6.97 billion drams, against 22.7% a year  earlier. In the fully comprehensive insurance segment, the amount of  insurance payments reached 1.4 billion drams, or 5.9% in total  insurance claims, against 6.5% a year earlier. The share of insurance  of financial loss accounted for 0.9% or 210.6 million drams, against  1.4% a year earlier. For other classes, payments range from 23-163  million drams, with a minimum for land liability insurance (0.1% of  total payments, against 0.2% a year earlier) and a maximum for  property insurance against fires and natural disasters (0.2%, against  0.8% a year earlier).

In 2018, Armenian insurance companies recorded a total of over 300.3  thousand insurance cases, of which the majority of insurance  accounted for 229.1 thousand cases. Under the insurance policy,  insurers recorded 66.4 thousand insurance claims. Insurance of land  transport (fully comprehensive insurance) takes the third place in  the number of cases - 1.8 thousand cases. In the insurance market of  Armenia, there are 2 compulsory types of insurance - MTPL and state  medical care insurance.

To recall, in the insurance market of Armenia there are 6 companies  that, out of the existing 19 classes, work on 17 classes of  insurance, with the exception of railway transport insurance and  legal and extrajudicial expenses insurance. By the largest number of  classes, INGO Armenia ICs are licensed - 16 (the only one working by  the water transport insurance class) and Rosgosstrakh Armenia IC -  15, followed by Nairi Insurance IC and Armenia Insurance IC - 12  classes each, RESO IC and Insurance Company "Sil Insurance" - 11  classes each. (The estimated exchange rate of the dram to the dollar  as of December 31, 2018 is 483.75 dr./$ 1).