Wednesday, May 4 2016 16:49
Karine Melikyan

MTPL insurance indemnities for Q1 2016 down 4.1%, amid 13.3% growth of CASCO indemnities

MTPL insurance indemnities for Q1 2016 down 4.1%, amid 13.3% growth of CASCO indemnities

ArmInfo. In Q1 2016, the Armenian insurers paid a total of 3.7 bln drams or $7.6 mln indemnities on various insurance lines (based on reports of insurance companies' portfolios on the Central Bank standards). The year-on-year growth of the insurance indemnities totaled 13.4%. The insurance premiums increased only 1.7% y-o-y to 9.6bln drams or $19.9mln. According to ArmInfo's Ranking of Insurance Companies of Armenia,  Rosgosstrakh-Armenia Insurance Company and Sil Insurance Company were the leaders by the y-o-y growth of indemnities - 27.2% and 24.5%. Armenia Insurance was the only company to see downward trends of indemnities- 3.6% decline y-o-y.  Financial risk insurance indemnities increased 12-fold y-o-y, overland transport liability insurance indemnities increased 81.1% y-o-y, and property insurance indemnities increased 60.7% (insurance against fire, natural calamities 54.1% and other damage - 2.7-fold).

Liability insurance and traveler's insurance indemnities suffered the steepest decline - 76.9% and 30.3% y-o-y. MTPL insurance indemnities fell 4.1% versus 16.7% decline in Q1 2015, while after the downward trend (26% decline) in Q1 2015, the CASCO insurance indemnities increased 13.3%. Indemnities of the health insurance line increased 17.1%, accident insurance - 10.6%, freight activity insurance - 5.9%. No indemnities were paid in Q1 2016 on the following insurance lines: insurance against credit risks (only Rosgosstrakh-Armenia is licensed to provide the given insurance line) and insurance of air transport and air transport liability insurance (only Rosgosstrakh-Armenia and INGO Armenia are licensed to provide the given insurance line).  The traditional leader by the insurance indemnities is Rosgosstrakh-Armenia - 1.445bln drams (leader by the amount of premiums too). INGO Armenia goes the second - 815.2mln drams, and Sil Insurance goes the third with 508.6mln drams.  Then goes Nairi Insurance with 427.6mln drams. RESO is on the fifth position with 289.03 mln drams.  The last - sixth rank belongs to Armenia Insurance - 184.7 mln drams indemnities.

MTPL insurance indemnities accounted for 57.3% or 2.1bln drams of total versus 67.7% a year ago.  Medical insurance indemnities accounted for 21.1% of total or 775.5mln drams versus 20.5% a year ago.  CASCO indemnities accounted for 315.9mln drams or 8.6% of total. Indemnities paid on the insurance against financial damage accounted for 10.8% of total or 397.9mln drams versus 1% a year ago.  In the remaining insurance lines, the indemnities totaled 0.5-24mln drams, where the liability insurance indemnities were the least (0.01% of total versus 0.1% a year ago) and the property insurance indemnities were the highest (0.7% of total or 0.5% a year ago).

In Q1, insurance companies registered over 38,000 insurance events, of which 26.5 thousand were medical insurance events.  MTPL insurance events totaled 10.733, CASCO insurance events - 489. There are two compulsory insurance lines in the insurance market of Armenia - MTPL and medical insurance of the employees of the state-run enterprises.

To note, Armenian insurance companies provide 17 out of 19 insurance lines registered in Armenia. INGO Armenia is the only company to provide 16 insurance lines (the only company that provides water transport insurance). Rosgosstrakh Armenia provides 15 insurance lines (the only company that provides insurance against credit risks). The exchange rate for March 31, 2016 totaled 480.79AMD/1USD. 

POST A COMMENT
Input digits     


News
Armenian government discuss draft budget for 2023Armenian government discuss draft budget for 2023
CB new forecast for 2022-2023: Armenian GDP growth will slow down  from 12.9% to 4.4%, and inflation will decrease from 10.3% to the  target 4%CB new forecast for 2022-2023: Armenian GDP growth will slow down  from 12.9% to 4.4%, and inflation will decrease from 10.3% to the  target 4%
The first snail breeding farm was established in ArmeniaThe first snail breeding farm was established in Armenia
EBRD improves its 2022 GDP growth forecast for Armenia from previous  4.5% to updated 8%EBRD improves its 2022 GDP growth forecast for Armenia from previous  4.5% to updated 8%
Armenian authorities` intention to construct a new, 1,200 MW, nuclear  power unit is erroneous- expertArmenian authorities` intention to construct a new, 1,200 MW, nuclear  power unit is erroneous- expert
Wizz Air starts operating Rome-Yerevan-Rome flightsWizz Air starts operating Rome-Yerevan-Rome flights
3rd session of Geographical Indications sub-committee under CEPA  between Armenia and EU took place3rd session of Geographical Indications sub-committee under CEPA  between Armenia and EU took place
Armenia`s GDP growth to be double-digit in 2022 - EconomistArmenia`s GDP growth to be double-digit in 2022 - Economist
 USD 25 million to support the private sector USD 25 million to support the private sector
Armenia`s economic activity increased by 13.9% in 8 months of 2022Armenia`s economic activity increased by 13.9% in 8 months of 2022
Armenia-Italy Textile Alliance Forum started in MilanArmenia-Italy Textile Alliance Forum started in Milan
Dmitry Volvach: Trading volumes of the ruble-dram currency pair  increased more than 1000-fold on the Moscow ExchangeDmitry Volvach: Trading volumes of the ruble-dram currency pair  increased more than 1000-fold on the Moscow Exchange
Armenia`s minister of economy hosts WB Country Manager for ArmeniaArmenia`s minister of economy hosts WB Country Manager for Armenia
EBRD launches climate governance platform for business leaders in  Ukraine, Georgia and ArmeniaEBRD launches climate governance platform for business leaders in  Ukraine, Georgia and Armenia
Another step in promoting the Armenian-Russian decentralized  cooperation: Pashinyan`s address to participants of Armenian-Russian Interregional Forum Another step in promoting the Armenian-Russian decentralized  cooperation: Pashinyan`s address to participants of Armenian-Russian Interregional Forum 
Iran Khodro Company starts supplying cars to ArmeniaIran Khodro Company starts supplying cars to Armenia
Armenia, China are considering  possibility of organizing direct  flights between  countriesArmenia, China are considering  possibility of organizing direct  flights between  countries
Expert: With the stabilization of the military-political situation,  the exchange rate in Armenia will also stabilizeExpert: With the stabilization of the military-political situation,  the exchange rate in Armenia will also stabilize
Gradual softening of the global inflationary environment will weaken  the inflationary impact from the external sector on the Armenian  economyGradual softening of the global inflationary environment will weaken  the inflationary impact from the external sector on the Armenian  economy
CBA significantly improves its forecast for GDP growth for 2022 to  12.9%, but expects inflation at 10.3%CBA significantly improves its forecast for GDP growth for 2022 to  12.9%, but expects inflation at 10.3%
Central Bank of Armenia raised refinancing rate from 9.5% to 10%Central Bank of Armenia raised refinancing rate from 9.5% to 10%
TOTAL opens training center in Etchmiadzin for training specialistsTOTAL opens training center in Etchmiadzin for training specialists
WB stands ready to continue to assist Armenian government in  implementation of priority programsWB stands ready to continue to assist Armenian government in  implementation of priority programs
Armenia`s producers to get 1% tax reduction for recalling spoiled  productsArmenia`s producers to get 1% tax reduction for recalling spoiled  products
FLY ONE Armenia transported over 200.000 passengers in its first year  in marketFLY ONE Armenia transported over 200.000 passengers in its first year  in market
Armenia`s minister of economy visits ski resort construction project  in Aragatsotn Armenia`s minister of economy visits ski resort construction project  in Aragatsotn 
Pashinyan instructs to find new investors for mines that are  currently not being developedPashinyan instructs to find new investors for mines that are  currently not being developed
AMD 4.676.836 to the “Rehabilitation City of Heroes” psychological center: the next beneficiary of “The Power of One Dram” is the 4090 FoundationAMD 4.676.836 to the “Rehabilitation City of Heroes” psychological center: the next beneficiary of “The Power of One Dram” is the 4090 Foundation
ACBA Bank fourth bank to join government-sponsored 10% cashback  programme for pensioners and reliefersACBA Bank fourth bank to join government-sponsored 10% cashback  programme for pensioners and reliefers
Presentation of Jobbit instrument held in Yerevan Presentation of Jobbit instrument held in Yerevan 
New power unit under construction at Kursk NPP could be serve as  standard for Armenia - ministerNew power unit under construction at Kursk NPP could be serve as  standard for Armenia - minister
Diaspora factor in Armenia`s investment portfolio is decliningDiaspora factor in Armenia`s investment portfolio is declining
Foreign investors present existing problems to Deputy Prime Minister  of ArmeniaForeign investors present existing problems to Deputy Prime Minister  of Armenia
Araratbank to put up for sale another tranche of dollar bonds worth  $3 million on September 8Araratbank to put up for sale another tranche of dollar bonds worth  $3 million on September 8
Ameriabank starts initial placement of another tranche of USD bonds  in amount of $10 millionAmeriabank starts initial placement of another tranche of USD bonds  in amount of $10 million
Pashinyan hopes that Moscow will regard relocation of Russians as  movement within EAEU: Putin sees nothing wrong with thisPashinyan hopes that Moscow will regard relocation of Russians as  movement within EAEU: Putin sees nothing wrong with this
Armenia`s premier on secondary western sanctions over intensified  contacts with Russia Armenia`s premier on secondary western sanctions over intensified  contacts with Russia 
Armenia is very concerned with unblocking transport links with  Azerbaijan Armenia is very concerned with unblocking transport links with  Azerbaijan 
Nikol Pashinyan links economic growth in Armenia with EAEU  regulationsNikol Pashinyan links economic growth in Armenia with EAEU  regulations
IDBank issues the first premium class business cards in ArmeniaIDBank issues the first premium class business cards in Armenia
Kerobyan: More than 50,000 Russian IT specialists arrived in ArmeniaKerobyan: More than 50,000 Russian IT specialists arrived in Armenia
Converse Bank has come up with a unique offer to encourage online shoppingConverse Bank has come up with a unique offer to encourage online shopping
IDBank is the first in Armenia to present Visa Platinum Business cardIDBank is the first in Armenia to present Visa Platinum Business card
AraratBank issues and underwrites USD 3,000,000 bondsAraratBank issues and underwrites USD 3,000,000 bonds
Fitch Affirms Armenia`s Sovereign Rating at B+, Upgrades GDP Growth  Outlook to 6.4%Fitch Affirms Armenia`s Sovereign Rating at B+, Upgrades GDP Growth  Outlook to 6.4%
Armenian SRC Deputy Head, Iranian Consul General in Kapan discuss  methods of facilitating customs procedures Armenian SRC Deputy Head, Iranian Consul General in Kapan discuss  methods of facilitating customs procedures 
Armenia to host production of Iranian carsArmenia to host production of Iranian cars
WB to issue a $26.5mln loan to ArmeniaWB to issue a $26.5mln loan to Armenia
Ardshinbank named Retail Bank of the Year by the international magazine Asian Banking & FinanceArdshinbank named Retail Bank of the Year by the international magazine Asian Banking & Finance
Armenia has significantly increased polished diamond exports and  rough diamond importsArmenia has significantly increased polished diamond exports and  rough diamond imports
Armenia significantly increased gold exports in H1 2022Armenia significantly increased gold exports in H1 2022
Armenian-Iranian business forum was held in YerevanArmenian-Iranian business forum was held in Yerevan
Converse Bank offers SME financing without financial analysisConverse Bank offers SME financing without financial analysis
Minister: As a result of relocation, 300 large companies with Russian  capital were registered in ArmeniaMinister: As a result of relocation, 300 large companies with Russian  capital were registered in Armenia
Ardshinbank supports development of Armenian jazz musicArdshinbank supports development of Armenian jazz music
Ameriabank expands branch network in YerevanAmeriabank expands branch network in Yerevan
Winner of Buissup Global Forum 2021 to represent Armenia at  Entrepreneurship World Cup 2022Winner of Buissup Global Forum 2021 to represent Armenia at  Entrepreneurship World Cup 2022
CPC reveals violations in production and sale of bottled  non-carbonated waterCPC reveals violations in production and sale of bottled  non-carbonated water
Orion, BAJ Accelerator launching one more startup growth acceleration  programOrion, BAJ Accelerator launching one more startup growth acceleration  program
Deutsche Telekom AG to launch activities in Armenia Deutsche Telekom AG to launch activities in Armenia 
Read more


Exchange rates
28.09.2022
RUB6.99-0.06
USD408.04-1.78
EUR390.29-4.24
GBP434.69-7.92
CAD296.41-3.06
JPY28.20-0.20
CNY57.38-0.57
CHF412.24-2.89