In Q1 2015, the average monthly salary in the Armenian insurance system was 262.3 thsd AMD ($557), 8.8% less than in Q1 2014. The number of employees rose by 0.7% to 143.
According to the Ranking of Insurance Companies of Armenia by the Agency of Rating Marketing Information (ArmInfo), out of the 6 insurance companies it was only Rosgosstrakh Armenia that increased the wages of employees over year (by 2.4% to 313 thsd AMD). The number of the company's employees rose by 1.7% to 351.
The rest of the companies cut the wages: RESO - by 32.3% to 265.2 thsd AMD (with the staff growing by 3.1% to 101 employees); Armenia Insurance - by 23.3% to 235.4 thsd AMD (with the staff growing by 20.8% to 87 employees as of 1 April 2015); INGO Armenia - by 13.4% to 279 thsd AMD (with the staff shrinking by 2.1% to 238); SIL Insurance - by 4.1% to 196.2 thsd AMD (with the staff growing by 2.5% to 203); Nairi Insurance - by 3.8% to 223.4 thsd AMD (with the staff shrinking by 8.9% to 163 employees). The biggest number of employees and the highest wages were in Rosgosstrakh Armenia. The smallest salary was in SIL Insurance and the smallest staff - in Armenia Insurance.
The wage costs dropped by 8.1% over year and totaled 899.3 mln AMD or 54.5% of the total administrative costs. According to the Ranking, Rosgosstrakh Armenia was in the lead in terms of payroll fund - 329.6 mln AMD. INGO Armenia ranked next with 199.2 mln AMD, SIL Insurance was the third with 119.5 mln AMD, Nairi Insurance was the fourth with 109.2 mln AMD, RESO was the fifth with 80.3 mln AMD, and Armenia Insurance was the sixth with 61.4 mln AMD. (On 31 March 2015, the AMD/USD exchange rate was 471.13 AMD/$).