ArmInfo.

ArmInfo.By changing the trademark from "INGO Armenia" to "INGO", the insurance company begins  a new stage of its development. As stated in the official statement of INGO IC , the new "simplified" brand name reflects the company's desire to simplify the understanding of its services, to make insurance simple, transparent and reliable. "INGO's mission is to reduce risks and provide clients with the freedom to make confident decisions," the company said in a statement.

ArmInfo. The net profit of the insurance sector of Armenia dropped by 33% in 2023, after a 4.5-fold  increase in 2022. "This resulted from higher reimbursement growth of 30% with a modest 17% increase in premiums.

ArmInfo. In the Armenian insurance market, compensation growth continues to accelerate, while  premium growth has slowed, as a result of which market profits have begun to decline, according to the data of the anniversary issue No.75 of the Financial Rating of Insurance Companies of Armenia as of  September 30, 2023, prepared by ArmInfo IC based on published reports  and portfolio data requested from the insurance companies.

ArmInfo.In the insurance market of Armenia, the loss ratio for Compulsory Motor Third Party  Liability (CMPTL) is slowly starting to increase year-on- year, from 63% to 65% by September 1, 2023, noticeably higher than the pre-Covid 69% in Jan-August 2019.

ArmInfo.In the Armenian insurance market, the CMPTL loss ratio has been at the level of 64%  for a year now, which is much lower than 79% in Jan-July 2021 and the  pre-Covid 72% in the same period of 2019.

ArmInfo.

ArmInfo.

ArmInfo. The loss ratio of motor third-party liability insurance (MTPL insurance) was 64% in the first half of 2023 against 65% in the first half of 2022, and 81% in 2021and 73% in 2019. This was accompanied by a liberalization of MTPL prices and slightly lower rates of a 2-digit annual increase in the number of MTPL insurance contracts from 19.7% down to 16.3%, and a slower % increase in insurance premiums, from 21.4% down to 6.5%. A 9.8% increase in insurance indemnities (up to $10.7mln) was recorded against an 8.7% decrease.

ArmInfo.The list of 1000 largest taxpayers in Armenia in Q1 2023 included 3 insurance  companies out of 6 operating ones. According to the data of the State  Revenue Committee, the list includes Liga Insurance,  Nairi  Insurance, and INGO Armenia.

ArmInfo. The loss ratio of motor third-party liability insurance (MTPL insurance) was 62% in the first  quarter of 2023 against 69% in the first quarter of 2022, and 74% in the first quarter of 2019. The number of MTPL insurance contracts showed an increase from 15.9% to 17.8%, with a 12.8% increase in insurance premiums ($16.3mln) against 17.5% and a 6.7% increase in insurance indemnities (up to $10.7mln) against a 13.5% decrease. 

ArmInfo. According to the preliminary estimate of the Motor Insurers' Bureau, as a result of the liberalization of the  CMTPL (Compulsory Motor Third Party Liability) market, from April 1, prices will decrease for 56% of car owners who choose the minimum base rate, for 21% they will remain approximately the same, and for 23% they will increase.

ArmInfo.

ArmInfo.

ArmInfo.

ArmInfo.

ArmInfo.The CMPTL loss ratio in Armenia decreased from 79% to 66% in 2022, being even lower than the pre-Covid 74% in 2019. This was due to an increase in the number  of concluded contracts by 16.1% year on year, as a result of which  insurance premiums rose by 15.6% to $67.3 million, while  claims  simultaneously decreased by 4.6% to $39.8 million, according to the  data of  Armenian Motor Insurers'  Bureau .

ArmInfo.

ArmInfo. Following the results of 9 months of 2022, the share of the corporate component in the premium portfolios of Armenian insurers, began to prevail over the  retail component even more - 53.8% (25.6 billion drams) against 46.2%  (21.97 billion drams) , while the gap was smaller in a similar  situation a year ago - 51.8% and 48.2%, respectively. According to  the Financial Rating of Insurance Companies of Armenia as of  September 30, 2022, prepared by ArmInfo, the capacity of the  corporate insurance market accelerated growth more noticeably, from  14% to 30.5%, than the capacity of the retail insurance market, from  10.2% to 20.1%.

ArmInfo. Insurance companies in Armenia receive profits through insurance mainly from CMPTL and medical insurance - 8.1-7.6 billion drams, to a slightly lesser  extent from property insurance, CASCO, accident insurance - 3.6-1.3  billion drams.