Monday, June 16 2014 10:04

Nairi Insurance Company leader by insurance indemnities in Armenia


ArmInfo. Armenian insurance companies (except Garant Insurance Company that is undergoing a merger with Rosgosstrakh Armenia Company) paid a total of 5.5 bln drams insurance indemnities for Q1 2014 (according to balance sheets of insurance companies based on Armenian CB standards). MTPL indemnities are still the largest in the market.

According to the Ranking of Insurance Companies prepared by ArmInfo News Agency, the insurance indemnities grew 24.2% year-over-year. Insurance fees of the companies fell 4.1% y-o-y to 10.3 bln drams.

The following companies showed a y-o-y growth of indemnities: Nairi insurance (over twofold growth), Sil Insurance (89.1%), Rosgostrakh-Armenia (24.5%), Armenia-Insurance (19.8%). This indicator of INGO Armenia and RESO Insurance fell 16.4% and 6 %, respectively.

According to the Ranking, Rosgosstrakh Armenia Company retains its leadership position in terms of insurance indemnities - 2.1 bln drams (the company is the leader also by the insurance premiums). Nairi Insurance is the second with 1.1 bln drams. The third position belongs to INGO Armenia with 867.9 mln drams indemnities. RESO Insurance is the fourth with 639.9 mln drams. Sil Insurance is the fifth with 484.3 mln drams. Armenia Insurance is the 6th with 244.4 mln drams.

Mandatory motor third-party liability insurance (MTPL) indemnities made up 48% or 2.6 bln drams of total (up 0.4% versus Q1 2013). The share of medical insurance indemnities was 22.7% of total or 1.2 bln drams (down 7.3%). Cargo insurance indemnities reached 512.6 mln drams or 9.4% of total. Indemnities paid in the segment of insurance against financial damage totaled 429 mln drams or 7.8% of total (only Rosgosstrakh Armenia for Q1). CASCO Indemnities totaled 376.7 mln drams or 6.9% of total. Indemnities in the segment of insurance against property risks (fire and natural calamities) totaled 169.3 mln drams or 3% of total. Thus, 98% of the total indemnities covered 6 insurance types (including two mandatory ones). Insurance companies made a bit more than 100 million drams indemnities covering another 5 insurance types. Meanwhile, no indemnities covering the remaining 5 types of insurance were paid for Q1 2014. For late Q1 2014, insurance companies registered 42625 insurance cases, including 27,477 in the segment of medical insurance, 14.019 - MTPL, and 801- CASCO. There are two mandatory types of insurance in Armenia: MTPL and medical insurance of employees of the state budget-funded organizations. (The exchange rate of USD/AMD for March 31 2014 was 413.31 AMD/1USD).
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