Friday, November 4 2016 15:12
Karine Melikyan

By October 2016 premiums and indemnities of Armenian insurance companies increased proportionally

By October 2016 premiums and indemnities of Armenian insurance companies increased proportionally

ArmInfo. The premiums of the Armenian insurance companies grew by 2.6% y-o-y in 9 months of 2016, while the payouts increased by 2.4%. By 1 October 2016, the aggregate amount of insurance premiums made up 23.2 bln AMD, with the amount of payouts exceeding 9.8 bln AMD (the figures are taken from the insurance companies' reports according to IFRS standards).

According to the Ranking of Armenian Insurance Companies by the Agency of Rating Marketing Information (ArmInfo), in 9 months of 2016, the net profit of the insurance system totaled 3.9 bln AMD (up 62.7% versus Jan-Sep 2015). Three out of the six insurance companies in Armenia decreased the premiums, with 2 companies demonstrating decline in payouts. According to the insurance companies' reports by the Armenian Central Bank's standards, the insurance premiums amounted to 23.7 bln AMD (up 0.3% versus Jan-Sep 2015), while the payouts totaled 10.04 bln AMD (up 4.8% versus Jan-Sep 2015).

Rosgosstrakh Armenia traditionally holds leadership in terms of premiums - 6.98 bln AMD. The following companies ranked next: INGO Armenia - 5.7 bln AMD, Nairi Insurance - 4.1 bln AMD, SIL Insurance - 2.9 bln AMD, RESO - 2.2 bln AMD, Armenia Insurance - 1.3 bln AMD.

In the structure of insurance premiums, the share of motor third party liability insurance (MTPL) was the biggest - 55.7%, or 13.2 bln AMD (up 1.4% versus Jan-Sep 2015); the share of health insurance (including the voluntary one) was 4.5 bln AMD, or 18.9% in the total amount of insurance premiums (11% y-o-y growth). The share of property risk insurance made up 6.9%, or 1.6 bln AMD (down 31.1% over year). The share of motor own damage insurance was 1.4 bln AMD, or 6.1% (down 10.2%).

In addition, in 9 insurance classes the Armenian companies collected 2.9 bln AMD. In 4 insurance classes (water transport insurance, insurance of water transport use liability, insurance of guarantees and credit risk insurance), Armenian companies did not conclude a single contract. To note, only Rosgosstrakh Armenia provides credit risk insurance, while aviation transport insurance is provided by Rosgosstrakh Armenia and INGO Armenia only.

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 Sep 2016, the AMD/USD exchange rate was 474.46 AMD/$1).


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