Tuesday, August 12 2014 16:46
In Q2 2014 assets of Armenia's insurance banks dropped by 3%
ArmInfo. In Q2 2014 the assets of Armenia's insurance banks dropped by 3% to 43.1bln AMD. As compared with Q2 2013 the assets dropped by 14%.
According to ArmInfo's Ranking of Insurance Companies of Armenia, six of the seven Armenian insurance companies recorded a drop in assets, except for Rosgosstrakh Armenia.
The drop was due to 10.6% drop in current financial investments, 48.7% drop in short-term receivables and a 77% slump in cash.
In Q1 2014 the assets of the companies dropped by 6%. Nairi Insurance registered the biggest drop in assets and current financial investments (12% and 24.2%, respectively).
INGO Armenia is the leader in assets (11.9bln AMD, 0.2% drop in Q2 2014 and 7.8% growth as compared with Q2 2013). Rosgosstrakh Armenia is the second with assets worth 11.7bln AMD (2.2% growth and 5% drop), Nairi Insurance is the third with assets worth 5.3bln AMD (12% and 17% drops).
The fourth is RESO, whose assets totaled 5.2bln AMD (7.6% and 48.3% drops). Armenia Insurance I the fifth with assets worth 4bln AMD (2% drop and 10.8% growth). The assets of Sil Insurance totaled 3bln AMD (7.2% drop and 0.2% growth). Garant Insurance has the smallest assets (1.9bln AMD, 1.4% less than in Q1 2014 and 45.4% less than in Q2 2013).
Armenia's insurance companies provide 16 out of 19 existing insurance classes. Only INGO Armenia has license for all 16 classes (the only company insuring watercraft). Rosgosstrakh Armenia is licensed to provide 15 classes (the only company insuring against credit risks).