Saturday, October 8 2011 12:44
Monthly salary of an employee of Armenia's insurance system averaged $611 in Jan-June 2011
ArmInfo. The monthly salary of an employee of Armenia's insurance system averaged 255,500 AMD or $611 in Jan-June 2011 - 11.4% less than a year before.
Four out of Armenia's eight insurance companies reduced their wages but increased their staffs almost thrice.
INGO-Armenia registered the highest drop in salary - 44.8% with its personnel having grown fourfold. Garant Limens registered the highest 84.8% growth in salary.
According to ArmInfo's Ranking of Insurance Companies of Armenia, RESO had the highest salary in Jan-June 2011 - 332,300 AMD or $901 (44.7% annual growth, fourfold increase in personnel to 113 employees), while Sil Insurance had the lowest salary - 85,400 AMD or $232 (22 more employees than a year before).
There were a total of 886 employees in Armenia's insurance sector as of July 1 2011 - 589 more than a year before. All the insurance companies increased their staffs, with INGO Armenia registering the highest increase (fourfold or by 96) and Sil Insurance - the lowest one (by 22). As of July 1 2011 Rosgosstrakh-Armenia had the biggest staff (27 employees), while Sil Insurance - the smallest one (60 employees).
The wage costs grew thrice to 1.3bln AMD or 33.7% of the administrative expenses. Seven out of eight companies showed increase in their wage costs, with RESO recording the highest growth - sevenfold.
Sil Insurance reduced its wage costs by 59.3%.
Rosgosstrakh-Armenia has the biggest salary fund - 339.7mln AMD or 45.8% of its administrative expenses, RESO - 225.3mln AMD or 27.7%, Cascade Insurance - 178.4mln AMD or 60%.
Sil Insurance has the smallest salary fund - 30.7mln AMD or 27.5% of its administrative expenses.
London-Yerevan, Alfa-Insurance and Griar-Insurance withdrew from the market in 2010, with the portfolios of the first two going to Rosgosstrakh-Armenia and the portfolio of the third one - to INGO Armenia. ISG company left the market in Apr 2011 giving its portfolio to RASCO.