Friday, March 23 2012 21:10

In 2011 payments of 8 Armenian insurers grew almost fivefold to 8.1 bln AMD


ArmInfo. Over 2011 the insurance payments of 8 Armenian insurance companies grew almost fivefold to 8.125 bln AMD ($21 mln) by 1 Jan 2012. The biggest volume of insurance payments in 2011 was registered by Rosgosstrakh Armenia - 2.4 bln AMD (the company is the leader by the volume of premiums), and the smallest volume of payments was demonstrated by Sil Insurance - 364.5 mln AMD (the company holds the last position by the volume of premiums).

According to the Ranking of Insurance Companies of Armenia by the Agency of Rating Marketing Information (ArmInfo), in the structure of indemnities the share of motor third party liability insurance payments was the biggest in 2011 (68% of the total payments or 5.5 bln AMD). Over Q4 2011 the payments for this type of insurance rose by 60.6%. Health insurance payments amounted to 1.041 bln AMD in 2011 (12.8% of total payments), with the growth versus 2010 being 68%. CASCO payments amounted to 966.3 mln AMD in 2011 (46.4% growth versus 2010).

The Armenian insurance companies paid almost 200 mln AMD for property insurance against fires, disasters, and other damages. The payments for property insurance against fires and disasters grew more than twofold versus 2010, and those against other damages grew almost tenfold. Financial risks insurance payments amounted to126.5 mln AMD in 2011 (almost twofold growth versus 2010). For the rest of insurance classes, the indemnities of the insurers were less than 100 mln AMD in 2011.

In 2011 the companies registered a total of 71,193 insured events, including 40,766 in health insurance, 27,244 in compulsory motor third-party liability insurance and 2,197 in comprehensive and collision insurance.

The total amount of the insurance premiums collected by Armenia's insurance companies in 2011 was 22.382bln AMD or $58mln – thrice as much as in 2010, wherein corporate insurance made up 34.8%, the rest being retail insurance.
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