Wednesday, August 13 2014 17:56
Armenia's insurance companies register a 28% cut in premiums and 64% growth in compensation
ArmInfo. In Jan-June 2014 as compared with Jan-June 2013 Armenia's insurance companies registered a 28% cut in premiums to 15.4bln AMD and a 64% growth in compensation to 14bln AMD. As a result, on June 1 2014 they recorded a 2bln AMD net profit against a 190mln AMD loss on June 1 2013.
According to ArmInfo's Ranking of Insurance Companies of Armenia, four insurance companies registered a drop in their premiums during the period.
Rosgosstrakh Armenia is the leader in premiums (5.4bln AMD, 7.7% drop as compared with Jan-June 2013). INFO Armenia is the second with 3.7bln AMD (22% drop), Nairi Insurance is the third with 2.6bln AMD (36.7% drop). The top three is followed by Sil Insurance with 1.6bln AMD (5% growth), RESO with 1.2bln AMD (73% drop) and Armenia Insurance with 1bln AMD (5.2% growth). 65.3% of all premiums or 10.2bln AMD came from obligatory motor insurance. This is 11.2% more than in Jan-June 2013. 12% or 1.9bln AMD came from health insurance (78.8% growth), 6.8% or 1bln AMD from automobile insurance (9% growth) and 6% or 934mln AMD from insurance against property risks.
In the other 10 classes the companies collected a total of 1bln AMD.
It should be noted that only Rosgosstrakh Armenia insures against credit risks and only Rosgosstrakh Armenia and INGO Armenia insure aircraft.
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).