Thursday, March 13 2014 16:25
Aggregate insurance portfolio in Armenia underwent almost no changes over year, with indemnity growing by 36%
ArmInfo. The insurance premiums of the 7 Armenian insurance companies grew by 0.6% over year, with the indemnities rising by 36%. By 1 Jan 2014, the aggregate insurance premiums totaled 35.7 bln AMD, and the insurance indemnity amounted to 20 bln AMD. As a result, the insurance system suffered 930 mln AMD loss in 2013 versus 961 mln AMD profit in 2012. Moreover, the profit started annually dropping 2-fold since 2012, whereas in 2011 the launch of the motor third party liability insurance zeroed out the loss of 2010 and secured a substantial profit with a 4.4-fold growth.
According to the Ranking of Insurance Companies of Armenia prepared by the Agency of Rating Marketing Information (ArmInfo), the Armenian companies' insurance premiums grew by 60% versus 2011(following the launch of the motor third party liability insurance). In 2013 versus 2011 insurance indemnity rose 2.4-fold.
In 2013 Rosgosstrakh Armenia collected 10.7bln AMD (8.4% more than in 2012), INGO Armenia 7.9bln AMD (14% less), RESO 5.8bln AMD (11.7% more), Nairi Insurance 5.7bln AMD (33% more), Sil Insurance 2.5bln AMD (67% more), Armenia Insurance 1.8bln AMD (8.2% less) and Garant Insurance 1.2bln AMD (64% less).
In the structure of insurance premiums the share of motor third party liability insurance was the biggest - 45.1% or 16.1 bln AMD, the share of health insurance (including voluntary one) was 11.6 bln AMD or 32%, the share of property risk insurance was almost 6% or 2.1 bln AMD, with the share of CASCO insurance was almost the same.
In 10 more insurance classes Armenian insurers collected less than 1 bln AMD.