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.