Wednesday, August 10 2016 19:02
Karine Melikyan

In Jan-June 2016 motor third party liability insurance payouts experienced 2.8% year-over-year decline 

In Jan-June 2016 motor third party liability insurance payouts experienced 2.8% year-over-year decline 

ArmInfo. In Jan-June 2016, the payouts of the Armenian insurance companies amounted to 6.8 bln AMD, or $14.3 mln (the figures are taken from the insurance companies' reports by the Armenian Central Bank's standards). As compared to Jan-June 2015, the payouts grew by 7.8%. In the meantime, premiums of the insurance companies grew by 0.7% to 16.1 bln AMD, or $33.8 mln. According to the Ranking of Armenian Insurance Companies by the Agency of Rating Marketing Information (ArmInfo), four companies demonstrated year-over-year growth, with the most tangible growth registered by SIL Insurance - 20.8% and Rosgosstrakh Armenia - 17.3%, while INGO Armenia and Armenia Insurance experiencing year-over-year decline - 8% and 3.7%, respectively.

The payouts in financial risk insurance grew 12-fold; property risk insurance payouts rose 3.4-fold; with the payouts of land transport use liability insurance increasing 2.2-fold. The general liability insurance payouts dropped by 85.3% and payouts of insurance of those going abroad declined by 28.4%. In motor third party liability insurance (MTPL), the payouts dropped by 2.8%, and in motor own damage insurance - by 5.7%.  Payouts of health insurance grew by 15.4%, with those in casualty insurance dropping by 12.5% and those in insurance of cargo transportation declining by 10.8%. In Jan-June 2016, no payouts were registered in credit risk insurance (only Rosgosstrakh Armenia is licensed to provide credit risk insurance) and in aviation transport insurance and aviation transport use liability insurance (only Rosgosstralh Armenia and INGO Armenia are licensed to provide such services).

Rosgosstrakh Armenia retailed readership in terms of insurance payouts - 2.6 bln AMD. The following companies ranked next: INGO Armenia - 1.5 bln AMD, SIL Insurance - 971.9 mln AMD, Nairi Insurance - 866.5 mln AMD, RESO - 551.3 mln AMD, Armenia Insurance - 344.9 mln AMD.

In the structure of payouts, the share of MTPL insurance was the biggest - 57.98%, or 3.95 bln AMD versus 64.34% a year before. The share of health insurance was 25.22%, or 1.7 bln AMD versus 23.57% a year before. The share of own damage insurance was 556.6 mln AMD, or 8.17% versus 9.34% a year before. The share of financial damage insurance was 6.16%, or 419.3 mln AMD versus 0.52% a year before. In the rest of the insurance classes, the payouts ranged from 1.2 mln AMD to 59.5 mln AMD, with the smallest share fixed in the general liability insurance (0.02% versus 0.13% a year before) and the biggest share registered in property insurance (0.9% versus 0.3% a year before).

In Jan-June 2016, the insurance companies of Armenia registered nearly 86 thsd insurable events, with the major part of them - over 64 thsd events - fixed in health insurance. The companies fixed 20,150 insurable events in MTPL, 1,007 events in motor own damage insurance. There are two mandatory types of insurance in the Armenian market - MTPL insurance and health insurance for state-run companies' employees.

To note, there are 6 companies in the insurance market of Armenia, which operate in 17 classes (out of 19) of insurance. INGO Armenia (the only company insuring water transport) is licensed to provide services in 16 classes of insurance, and Rosgosstrakh Armenia (the only company providing credit risk insurance) provides services in 15 classes of insurance (as of 30 June 2016, the AMD/USD exchange rate was 476.68 AMD/$1).

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