Monday, June 16 2014 10:04

Insurance companies of Armenia increase number of policies by 34.6% for Q1 2014


ArmInfo. Armenian insurance companies (except Garant Insurance Company that is undergoing a merger with Rosgosstrakh Armenia Company) sold 330634 policies for Q1 2014 - 34.6% or by 85,975 policies more than in Q3 2014. As of April 1 2014, the number of insurance policies totaled 639977 with a 15.2% growth for Q1 2014. According to the Ranking of Insurance Companies of Armenia prepared by ArmInfo News Agency, the most popular insurance type is accident insurance - 34,636 policies were sold (a 36% year over year growth). As of April 1 2014, the number of accident insurance policies totaled 89,329, with RESO Insurance Company being the leader in the given segment (27,055 accident insurance policies).

Traveler insurance is on the second place with 9101 policies sold for Q1 2014 (a 33,5% decline vs Q4 2013). The number of travel insurance policies in late Q1 totaled 10622. The leaders in the given segment were Rosgosstarkh Armenia - 3,045 policies and INGO Armenia - 3,036 policies. The insurance policies against Liability in respect of the use of land-based vehicles totaled 5,807 for Q1 with a 92% growth vs Q4 2013. The number of the given type of insurance policies as of April 1 2014 totaled 10,518. Rosgosstrakh Armenia was the leader with 5,442 policies.

Then goes insurance against property risks (fire and natural calamity). The insurance companies sold 4.419 policies in the given segment, which is by 25.6% less than in the previous quarter. As of late Q1 2014, insurance policies against property risks numbered 17,161. Rosgosstrakh-Armenia was the leader with 1,452 policies.

CASCO policies for Q1 2013 totaled 2,865, suffering nearly threefold decline versus Q4 2013. As of April 1 2014, CASCO policies totaled 10,442. Sil Insurance was the leader with 1,051 policies. Cargo insurance policies for Q1 2014 fell 6% (1,753 policies). The number of the active policies for late Q1 2014 totaled 1,185. Rosgosstrakh Armenia was the leader with 616 cargo insurance policies.

The insurance companies sold 989 policies covering property insurance against other damages (down 7% for Q1 2014). By the end of the quarter, the number of the policies in the given sector totaled 4,270. Nairi

Insurance was the leader with 554 policies. General liability insurance policies totaled 585 for Q1 2014. The number of the given type of insurance policies at the end of the quarter totaled 1,508. INGO Armenia was the leader with 345 policies.

The companies sold 30 policies on insurance against financial damage. As of April 1 2014, the number of policies in the given sector totaled 92. The leader in the sector was Rosgosstrakh Armenia - 27 policies. The remaining 3 policies were sold by INGO Armenia and Sil Insurance.

By 2 policies covering the aviation risk insurance and insurance against liability of the use of air transport were sold for the quarter under review. No policies covering insurance against credit risks were sold in Q1 2014. Rosgosstrakh Armenia is the only company to cover the given segment. As of April 1 2014 there was only 1 policy in the given sector.

The companies sold 266,273 policies covering the mandatory motor third-party liability insurance (MTPL) for Q1 2104 with 47% growth vs Q4 2013. As of April 1 2014, the number of the policies covering MTPL totaled 421,272. Rosgosstrakh Armenia was the leader also in the given sector.

Medical insurance policies totaled 4,172 for Q1 2014, which was nearly have as many as in the previous quarter. As of April 1 2014, medical insurance policies totaled 73,561. The leader was Rosgosstrakh Armenia with 3,705 policies.

At present, 16 out of the registered 18 types of insurance are available in Armenia. INGO Armenia Company provides 16 types of insurance, Rosgostrakh Armenia - 15, Sil Insurance, Armenia Insurance and RESO - by 11 tyes, and Nairi Insurance -10 types.
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