Tuesday, May 16 2017 11:26
Karine Melikyan

The volume of the retail insurance market in Armenia has slowed down annual decline from  24.9% to 3.9%, with the growth rate falling from 27.8% to 3.7%

The volume of the retail insurance market in Armenia has slowed down annual decline from  24.9% to 3.9%, with the growth rate falling from 27.8% to 3.7%

ArmInfo. Share of retail insurance in portfolios of premiums of Armenian insurers on the basis of Q1 2017 was 52.1% (4.96 billion AMD), corporate - 47.9% (4.6 billion AMD).

At the same time, the capacity of the retail insurance market slowed down the annual decline from 24.9% to 3.9%, while the rate of corporate insurance growth sharply dropped from 27.8% to 3.7%. Before the introduction of OSAGO in Armenia, as well as obligatory individual health insurance of state employees, the share of corporate insurance significantly prevailed over retail.

According to Armenian insurance companies as of April 1, 2017, prepared by IA ArmInfo, retail insurance prevails in premium portfolios of all insurers, with the exception of INGO Armenia and Seal Insurance, with corporate insurance prevailing - 59.6% and 56.6%, respectively. The largest disproportion between retail and corporate insurance was recorded by three companies - RESO (77.7% and 22.3%), Nairi Insurance (67.4% and 32.6%) and Insurance Armenia Insurance 65% and 35%. In the "Rosgosstrakh Armenia" Insurance Company, the share of retail insurance slightly prevails over the corporate one - 50.2% and 49.8%.

In the structure of insurance reimbursements, the share of payments to retail customers was 75% or 3.13 billion AMD, corporate - 25% or 1.04 billion AMD. At the same time, reimbursements to legal entities slowed the annual decline from 35% to 17%, with the improvement in the trend of payments by the physical - from a 32% decline to a 30% increase.

In the structure of premiums listed for reinsurance, the share of corporate insurance was 94.8% or 926.1 million AMD (acceleration of annual growth from 19% to 34%), retail - 5.2% or 50.8 million AMD (deceleration of the annual decline from 29 % To 4%).  Armenian insurers for Q1 2017 signed  271609 contracts, yielding to the number of contracts of a year ago by 4.8%. Thus, the number of active insurance contracts as of April 1, 2017 was 644145 with an annual growth of 1.2%. Among the classes the leading position in terms of the number of concluded contracts is held by OSAGO - in Q1 206.3 thousand, the number of valid contracts for which as of April 1 reached 435.6 thousand. Of voluntary types of insurance, the most popular is accident insurance, in which in the first quarter were signed 34.2 thousand contracts, and the number of operating as of April 1 reached 122.6 thousand. According to the number of contracts in the segment of compulsory motor third party liability insurance, Rosgosstrakh Armenia (120.2 thousand operating on April 1, of which about 56 thousand are concluded in Q1) (87.8 thousand and 4 thousand respectively acting as of April 1), in terms of property insurance leadership was assigned to INGO Armenia (14 thousand operating on April 1), on health insurance continues Leading the "Sil Insurance" (5.6 thousand operating on April 1), and the insurance for outbound leaders secured the "Rosgosstrakh Armenia" (4.9 thousand effective as of April 1).

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