Thursday, March 19 2015 18:55
Retail insurance market capacity shrinks by 23.7% over year amid 13.4% growth in corporate insurance
ArmInfo. At the yearend 2014, retail insurance in the Armenian insurance companies' portfolios of premiums made up 62.2% (18.7bn AMD), with corporate insurance being 37.8% (11.4bn AMD). According to the Ranking of Insurance Companies of Armenia by the Agency of Rating Marketing Information (ArmInfo), retail insurance shrank by 23.7% over year amid 13.4% growth in corporate insurance.
The retail insurance prevails over the corporate one in all the insurers' portfolios of premiums. The biggest retail/corporate insurance disproportion was fixed in Armenia Insurance (78%), Sil Insurance (77.3%), and RESO (77.1%).
Insurance payouts to retail customers made up 55.5% or 12.2bn AMD and those to corporate ones - 44.5% or 9.8bn AMD. Payouts to legal entities grew almost threefold over year, while those to individuals dropped by 14%.
In the structure of the reinsured premiums, corporate insurance made up 91% or 3.3bn AMD (up 18% over year), and retail insurance made up 9% or 323mn AMD (down 9%). (On 31 Dec 2014, the USD/AMD exchange rate was 474.97 AMD/$).