Friday, November 3 2017 14:37
Karine Melikyan

On the insurance market of Armenia, annual growth of premiums is significantly inferior to the growth in payments

On the insurance market of Armenia, annual growth of premiums is  significantly inferior to the growth in payments

ArmInfo. The premiums of  Armenian insurance companies for the III quarter of 2017 improved the  dynamics with the exit from the 22.8% decline to 1.8% growth (against  15.1% growth in Q3 2016), with a similar picture of compensation - of  the 10.2% decline in the 11.5% growth (against 19.6% growth in the  third quarter of 2016).

For 9 months, the annual growth of insurance  premiums was much more modest - 3.3%, rather than payments - 26.5%,  while a year earlier the growth of these indicators was almost the  same - 2.6% and 2.4%, respectively. By October 1, 2017, the total  volume of insurance premiums amounted to 23.9 billion drams, and the  amount of insurance indemnities - 12.4 billion drams (figures are  from the reports of the IC by IFRS standards). According to the  Ranking of insurance companies of Armenia prepared by IA ArmInfo, as  a result of this, the insurance system summed up 9 months of 2017  with a net profit of 1.7 billion drams with deterioration of  quarterly dynamics from 44.6% growth to 41.1% decline, annual decline  of 56.1% (against 62.7% growth a year earlier). According to reports  of SC portfolios on CBA standards, insurance premiums amounted to  24.6 billion drams (with the acceleration of annual growth from 0.3%  to 3.8%), and compensation - 11.98 billion drams (with a sharp  acceleration in the annual growth rate from 4.8 % to 19.3%). The  decline in fees during the reporting period was recorded in 2 out of  6 companies operating in the insurance market of Armenia, 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  6.9 billion AMD. In second place is INGO Armenia, with a portfolio of  6.7 billion AMD. TOP-3 closes SC "Nairi Insurance" - 4.1 billion AMD.  Next to them, by size of the insurance portfolio, SC "Sil Insurance"  - 2.9 billion AMD, "Reso" Insurance Company - 2.6 billion AMD and  "Armenia Insurance" Insurance Company -1.4 billion AMD.

In the structure of insurance premiums, the most part was  traditionally incurred by CMTPL - 56.08% (against 55.7% a year ago)  or 13.8 billion AMD (annual growth accelerated from 1.4% to 4.5%). In  the segment of medical (including voluntary) insurance companies  collected premiums of 4.8 billion AMD (annual growth slowed from 11%  to 8%), which in the total volume of insurance premiums was 19.69%  (against 18.92% year-on-year previously). Insurance of property  risks, in particular from fires and natural disasters, accounted for  5.97% (against 6.94% a year earlier) or 1.5 bln AMD (the annual  decline slowed from 31.1% to 10.6%). In the segment of CASCO (land  transport), insurance companies collected premiums for 1.4 billion  AMD (the annual decline slowed from 10.2% to 2.9%) or 5.66% in the  total volume (against 6.05% a year earlier).

In addition, according to 9 insurance classes, Armenian insurers  collected 3.1 billion drams. On the 4th insurance classes (insurance  of water transport, liability insurance from water transport,  insurance of provided guarantees and insurance of credit risks),  Armenian insurers did not conclude a single contract during the  reporting period. It should be noted that only Rosgosstrakh Armenia  Insurance Company is engaged in insurance of credit risks in Armenia,  only 2 companies - Rosgosstrakh Armenia and INGO Armenia are engaged  in the aviation insurance segment, and the same two companies are  licensed for insurance of the guarantees, and insurance of water  transport and liability from its use is licensed only by "INGO  Armenia".

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