Friday, October 7 2011 13:12

Over Q2 2011 Nairi Insurance signed the biggest number of contracts on motor third party liability insurance


ArmInfo. Over Q2 2011, Nairi Insurance signed the biggest number contracts on motor third party liability insurance (MTPL) - 18,847 contracts, or 35% of the summary number of MTPL agreements.

According to the Ranking of Insurance Companies of Armenia by ArmInfo Agency, over Q2 2011, Nairi Insurance was in the lead by the total number of the contracts signed. The company signed a total of 20,714 contracts, or 27% оf the total number of contracts signed over the quarter under review (76.765 contracts).

To note, seven Armenian insurers signed 76,765 contracts over Q2 2011. The number of MTPL insurance contracts was 54,258 or 70.7% of the total number of agreements.

Over Q2 2011, Nairi Insurance obtained insurance premiums worth 358.9 mln AMD (3rd position in the market), 67% or 240.1 mln AMD of them fell on MTPL (2nd position in the market). As of the end of Jan- June 2011, the assets of Nairi Insurance amounted to 3.3 bln AMD (twofold annual growth), the total capital of the company made up 1.7 bln AMD (62.3% annual growth), the accumulated profit by 1 July 2011 amounted to 460 mln AMD (60% annual growth, 29.1% quarterly growth).

On the threshold of MTPL Introduction, Nairi Insurance changed its strategy in favor of more aggressive extension of geographical presence and the clientele base. The administrative structure of the company also underwent changes; in particular, the professional requirements to the personnel potential and agents were enhanced. With the launch of MTPL, the company registered 7 service points of MTPL policies in the marzes of Armenia.

By late 2011 Nairi Insurance is going to open up to 12 new service points in Armenia, which will first be specializing in purchase of MTPL policies, and later will launch wider activities, including service of CASCO policies and travel insurance. The agent network of the company includes 73 individuals 63 legal entities. To recall, the license of Nairi Insurance includes 15 policies of non-life insurance.
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