Monday, May 15 2017 10:42
Karine Melikyan

In Q1 2017, Armenian insurance market registered annual decline in premiums with an increase in payments, versus the reverse state a year ago

In Q1 2017, Armenian  insurance market  registered annual decline in  premiums with an increase in payments, versus the reverse state a  year ago

ArmInfo. The premiums of Armenian  insurance companies grew for 3.1% during Q1 2017, with amends'  increase  only for 0.7%. At the same time, insurance premiums fell by  1.1%, with an increase in payments by 32.6%. By April 1, 2017, the  total volume of insurance premiums amounted 9.4 billion AMD, and the  amount of insurance indemnities - 4.3 billion AMD (figures from the  reports of the IC on IFRS standards).

According to the Ranking data  of Armenian insurance companies prepared by IA ArmInfo, as a result  of this, the insurance system summed up the I quarter of 2017 with  net profit of 518.9 million AMD with a quarterly growth of 3 times,  with an annual decline of 60.3%. 

According to the reports of SC portfolios on ACB standards, insurance  premiums amounted to 9.5 billion AMD (annual decline by 0.4%), and  compensation - 4.2 billion AMD (annual growth of 13.8%). The decline  in fees during the reporting period was recorded in 4 out of 6  companies operating in the Armenian insurance market, while the  decline in compensation was observed in the 1st.

The first place in the volume of collected premiums is traditionally  held by Rosgosstrakh Armenia Insurance Company with an indicator of  2.8 billion AMD. In  the  second place is INGO Armenia, with a  portfolio of 2.7 billion AMD. TOP-3 closes "Nairi Insurance" - 1.43  billion AMD. Next to them, by size of the insurance portfolio, "Sil  Insurance"IC - 1.38 billion AMD, "RESO" Insurance Company - 796.1  million AMD and "Armenia Insurance" Insurance Company 475.2 million  AMD.

In the structure of insurance premiums, the largest share  traditionally fell on CMTPL - 57.69% or 5.5 billion AMD (annual  decline of 5%). In the medical (including voluntary) insurance  segment, companies collected premiums of 2.2 billion AMD or 22.97% of  the total insurance premiums (an increase of 15.5% over the year).  The share of property risk insurance, in particular from fires and  natural disasters, accounted for 5.11% of the total premiums or 486.9  million AMD (a year-on-year decline of 8.7%). On the segment of CASCO  (land transport), insurance companies collected premiums for 442.9  million AMD or 4.65% of the total premiums (a decline of 8.3% for the  year).

In addition, according to 9 insurance classes, Armenian insurers  collected 913.4 million AMD. Armenian insurers did not sign  a single  contract during the reporting period on 4 insurance classes  (insurance of water transport, insurance of liability from using  water transport, insurance of provided guarantees and insurance of  credit risks). It should be noted that only Rosgosstrakh Armenia  Insurance Company is involved  in insurance of credit risks in  Armenia, and only 2 companies - Rosgosstrakh Armenia and INGO Armenia  - work  in the segment of aviation insurance.

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