Friday, October 7 2011 13:10

Armenian insurers collect 2.6 bln drams premiums for Q2 2011


ArmInfo. Seven Armenian insurance companies collected 14.516 bln drams ($39.3 mln) premiums for the first half of 2011, with corporate insurance totaling 27.4% and retail insurance - 72.6%.

Ranking of Armenian Insurance Companies prepared by the Agency of Rating Marketing Information (ArmInfo) says Armenian insurers collected 2.617 bln drams ($7.095 mln). The share of corporate insurance fees in total was 53.3% or 1.4 bln drams and that of retail insurance -46.7% or 1.2 bln drams.

Insurance fees fell 15.8% YoY (Q2 2011 versus Q2 2010). INGO Armenia Company collected the biggest amount of premiums - 958.2 mln drams (16% YoY decline). Rosgosstrakh Armenia took the second position with 651.1 mln drams (38.9% YoY decline). Nairi Insurance is among top three with 358.9 mln drams (6.5% YoY growth). Cascade Insurance was ranked the 4th with 247.7 mln drams premiums (33% YoY decline). Top five leaders comprised RESO Insurance with 170.1 mln drams. Then go Sil Insurance and RASCO with 127.8 mln and 103.5 mln drams respectively.

The share of MTPL (OSAGO) premiums in total portfolio of insurance companies was the largest and totaled 38.5% or 1.008 mln drams. The leader by MTPL premiums was Rosgosstrakh Armenia.

The share of the property insurance (against fire and natural calamities and other damage) in total portfolio of 7 insurers was 17% or 443.5 mln drams. INGO Armenia was the leader by the property insurance premiums (222.2 mln drams). This company is the leader also in the CASCO segment - 14.7% pr 385 mln drams of total.

The share of medical insurance in total portfolio of the 7 insurance companies amounted to 181.1 mln drams (7% of total premiums). Freight activity insurance totaled 170.3 mln drams (6.5% of total). The premiums on the other 10 insurance lines totaled 400 mln drams (16.4% of total). Insurers concluded no contracts on 4 of the above 10 insurance lines.

Insurance indemnities of all the seven companies for Q2 2011 totaled 2.890 bln drams, with Rosgosstrakh Armenia paying 875.3 bln drams (the highest) and Sil Insurance - 122.9 mln drams (the lowest). The indemnities of the Armenian insurance companies grew over 4fold over the year, with MTPL indemnities totaling 61.7% pr 1.783 bln drams.

Armenian insurers registered 25943 insurance events for Q2 2011 with 14037 events being in the medical insurance segment. MTPL insurance events totaled 10584, CASCO - 823.

The smallest number of insurance events (2) was registered in the segment of financial damage. No events were registered on guarantee insurance, air transport insurance, sea transport insurance and third party liability insurance.

In 2010 several companies left the insurance market: London-Yerevan (portfolio was transferred mainly to Rosgosstrakh Armenia Company), Alpha Insurance (portfolio was transferred to Rosgostrakh-Armenia), and Griar Insurance (portfolio was transferred mainly to INGO Armenia Company). ASG Insurance Company left the market in April 2011 transferring the portfolio to RASCO Insurance Company. The Ranking (final index of the insurance portfolio) lacks the data of Garant Limens Company because of the Central Bank's inspections.
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