Thursday, October 13 2011 17:39
Nairi Insurance: In autumn the average growth in motor third party liability payments to be 10-13%
ArmInfo. In autumn the average growth in motor third party liability (MTPL) payments will be 10-13%, Gor Khachatryan, CEO of Nairi Insurance, told ArmInfo. To confirm his forecast, the insurer said that in September the volume of the insurance payments in the company was by 53% more than the average monthly amount of payments and totaled 75 mln AMD. The average monthly amount of payments in the company is 49.018 mln AMD.
Other companies experience a similar situation, Khachatryan said.
He thinks that the payments are growing, first of all, due to the growth of insurees' awareness. Moreover, the drivers have started to understand not only the core of the product, but also the procedure of the insurance coverage: "When MTPL was introduced, many people even failed to apply to insurance companies for compensation, whereas now such cases are registered very seldom", said Khachatryan.
He pointed out that the competence of all structures involved in the MTPL process has risen. So has the competence of the fraudsters. When commenting on the trends of the Armenian insurance market, the insurer pointed out the continuous consolidation of the sphere.
Khachatryan stressed that the company has decided to follow the market trends and will actively continue universalizing its activities, including the sphere of health insurance. "We will keep on actively increasing the clientele base, first of all, due to improving the quality of the services. We will strengthen our positions not only in the sphere of motor insurance, but also in tourism and health insurance, as well as in insurance of cargo transportations", he stressed.
Over the period since MTPL was launched in the country till late September, the company has settled a total of 1919 insured events worth 383.7 mln AMD. The volume of the upcoming payments (declared but not settled) in the company amounted to 173.2 mln AMD.
To note, the agents' network of Nairi Insurance currency has 73 individuals and 63 legal entities. The company has licenses for 15 classes of non-life insurance.
According to the Ranking of Insurance Companies of Armenia by the Agency of Rating Marketing Information (ArmInfo), over Q2 2011 Nairi Insurance signed the biggest number of MTPL contracts - (18,847 contracts or 35% of the total number of MTPL contracts). Over the first half of 2011, Nairi Insurance gathered premiums worth 358.9 mln AMD (3rd position in the market), more than half of them (67% or 240.1 mln AMD) fell on MTPL (2nd position in the market). Over Jan-June 2011 the assets of the company amounted to 3.3 bln AMD (twofold annual growth). The total capital of the company by 1 July 2011 amounted to 1.7 bln AMD (62.3% annual growth). The accumulated profit made up 460 mln AMD (60% annual growth, 29.1% growth over Q2).
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