Monday, June 16 2014 14:29
Insurance Companies of Armenia increase indemnities to corporate customers over twofold
ArmInfo. Insurance premiums of private customers for Q1 2014 totaled 66.6% (6.9 bln drams), those of corporate customers - 33.4% (3.4 bln drams). The insurance policies for privates fell 3.6% and those for corporate customers - 5.1% year over year (in Q1 2014 versus Q4 2013). For comparison, before introducing the mandatory third-party liability insurance (MTPL) and mandatory medical insurance of employees of the budget-funded organizations in Armenia, the ratio of the insurance of privates and corporate customers was quite the contrary.
According to the Ranking of Insurance Companies of Armenia prepared by ArmInfo Agency, insurance policies for privates prevail in the portfolios of all the insurance companies in Armenia. The difference of insurance policies for privates and corporate customers at RESO Insurance Company is the biggest: 80.5% are the policies for privates.
As for the insurance indemnities, the payments to corporate customers made up 35.5% or 1.9 bln drams of total (over twofold y-o-y growth), while the payments to private customers made up 64.5% or 3.5 bln drams of total (down 3%).
The premiums for reinsurance of the corporate customers totaled 88.6% or 557.1 bln drams (down 9%), those of the privates amounted to 11.4% or 74.2 mln drams (up 9%).
The portfolios of the six Armenian insurance companies (except Garant Insurance Company that is undergoing a merger with Rosgosstrakh Armenia Company) are based on the balance sheets of insurance companies on Armenian CB standards.