Armenian insurers reduced premiums by 8.8% and payouts by 40.9% over year

The premiums of the Armenian insurance companies dropped by 8.8% over year amid 40.9% decline in payouts.

According to the Ranking of Insurance Companies of Armenia by the Agency of Rating Marketing Information (ArmInfo), by April 2015 the aggregate insurance premiums amounted to 9.416 bln AMD, with the payouts exceeding 3.237 bln AMD. In Q1 2015, the net profit of the insurance system totaled 620 mln AMD (down 31% versus Q1 2014). 4 out of the 6 insurance companies in Armenia suffered decline in premiums.

According to the Ranking, Rosgosstrakh Armenia was in the lead in terms of premiums - 2.977 bln AMD (down 12% versus Q1 2014). INGO Armenia was the second with 2.524 bln AMD (up 4.7%), SIL Insurance was the third with 1.356 bln AMD (up 13%), Nairi Insurance was the fourth with 1.209 bln AMD (down 28.6%), RESO was the fifth with 790.3 mln AMD (down 12.1%), and Armenia Insurance was the sixth with 560 mln AMD (down 24.4%).

To note, the Armenian insurance companies provide services in 17 out of the 19 insurance classes. INGO Armenia is licensed to provide services in 16 classes (the only company insuring water transport).  Rosgosstrakh Armenia provides services in 15 classes (the only company insuring loan risks). (On 31 March 2015, the USD/AMD exchange rate was 471.13 AMD/$).