Friday, November 3 2017 18:23
Karine Melikyan

In Armenia, the capacity of the retail insurance market has improved the annual trend from minus 0.2% to plus 3.5%, while accelerating corporate growth from 0.9% to 4.2%

In Armenia, the capacity of the retail insurance market has improved  the annual trend from minus 0.2% to plus 3.5%, while accelerating  corporate growth from 0.9% to 4.2%

ArmInfo. The share of retail  insurance in the portfolios of premiums of Armenian insurers for the  9 months of 2017 amounted to 57.1% (14.02 billion drams), corporate -  42.9% (10.5 billion drams). At the same time, the capacity of the  retail insurance market improved the annual trend from minus 0.2% to  plus 3.5%, along with the rate of growth of corporate insurance  accelerated from 0.9% to 4.2%. Before the introduction of OSAGO in  Armenia, as well as compulsory individual health insurance of state  employees, the share of corporate insurance significantly prevailed  over retail.

According to Ranking of insurance companies of Armenia, as of October  1, 2017, prepared by ArmInfo News Agency, retail insurance prevails  in premium portfolios of all insurers, with the exception of INGO  Armenia, with corporate insurance prevailing - 53.5%. The largest  disproportion between retail and corporate insurance was recorded by  three companies - RESO (71.7% and 28.3%), Insurance Armenia Insurance  (71% and 29%) and Insurance Company Nairi Insurance (66.1% and  33.9%). The share of retail insurance in Rosgosstrakh Armenia  Insurance Company slightly prevails over the corporate one - 54.1%  and 45.9%, and this insignificant difference appears in the Insurance  Company "Sil Insurance" - 55.8% and 44.2%.

In the structure of insurance reimbursements, the share of payments  to retail customers was 71.9% or 8.6 billion AMD, corporate - 28.1%  or 3.4 billion AMD. At the same time, reimbursements to legal  entities slowed the annual growth from 20% to 7%, with the  improvement in the trend of payments by physical - from negative 1%  to plus 25%.

In the structure of premiums listed for reinsurance, the share of  corporate insurance amounted to 92.6% or 2.9 billion AMD (with the  release of annual dynamics from the 10% decline to 10% growth),  retail - 7.4% or 230 million. AMD (with the acceleration of annual  growth from 3% to 16%).

Armenian insurers for the III quarter of 2017 concluded 298,466  contracts, exceeding the number of contracts of the previous year by  3.9%. Thus, the number of insurance contracts effective as of October  1, 2017 was 680742 with an annual growth of 4.5%. Among the classes  the leading position in terms of the number of concluded contracts is  held by OSAGO - in the third quarter more than 201 thousand, the  number of valid contracts for which as of October 1 exceeded 461  thousand. Of voluntary types of insurance, the most popular is  insurance against accidents, which in the third quarter is concluded  39.5 thousand contracts, and the number of acting as of October 1  reached 134.1 thousand. According to the number of contracts in the  segment of OSAGO, Rosgosstrakh Armenia (120.5 thousand operating on  October 1, out of which 43.7 thousand are concluded in the III  quarter) leads, and this (2.1 thousand operating on October 1, of  which 831 for the third quarter), for insurance against accidents and  for CASCO, RESO (73.2 thousand and 4.3 thousand, respectively, acting  on October 1) holds the championship, In terms of property insurance,  leadership was entrusted to INGO Armenia (16.6 thousand operating on  October 1), and the same company took precedence over insurance for  travelers abroad (5.9 thousand operating on October 1).

In terms of the number of contracts concluded in the third quarter of  the year, INGO Armenia CJSC was the leader - 75.1 thousand, having  displaced 66.4 thousand to the second position of Rosgosstrakh  Armenia, 50.4 thousand - RESO - on the third, 48.8 thousand on the  fourth Nairi Insurance at the fifth Force of Insurance - 29.2  thousand and closes the list of Armenia Insurance - 28.4 thousand.  All six companies have a dominant in concluded contracts with OSAGO  with a maximum of Seal Insurance (80%) and a minimum in INGO Armenia  (54%).

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