Tuesday, November 7 2017 14:37
Karine Melikyan

Compensation for OSAGO shows an impressive annual increase

Compensation for OSAGO shows an impressive annual increase

ArmInfo. The volume of accrued  insurance premiums for compulsory motor third party liability  insurance amounted to 13.9 billion AMD in the first 9 months of 2017,  an increase of 4.6% over the year, versus growth of 1.7% a year ago.  At the same time, the volume of insurance claims paid was 8.2 bln  AMD, with a sharp output of the annual dynamics from a 1.6% decline  to a 34.4% increase. This is evidenced by monthly reports published  by the Bureau of Motor Insurers of Armenia on OSAGO.

According to these reports, there are 479,356 motor vehicles in  Armenia with the presence of an annual growth of 28224 units or 6.3%,  against the growth of the annual limitation by 10,846 units or by  2.5%. Of the total number of motor vehicles with the presence of  OSAGO agreement, 26% covers Rosgosstrakh Armenia, 22% - INGO Armenia,  20% - Nairi Insurance, 12-13% - Seal Insurance and RESO, and 7% -  Armenia Insurance.

In September 2017, the average amount of insurance indemnity paid on  one satisfied claim was 191357 AMD, against 199459 in September 2016.  Rosgosstrakh Armenia Insurance Company is leading in terms of  insurance claims in the 9 months of 2017, 2.3 billion drams, followed  by Nairi Insurance -1.59 billion and INGO Armenia 1.55 billion,  followed by RESO 1.1 billion, Sil Insurance  - 960.6 million, Armenia  Insurance - 530.5 million AMD.

According to the Bureau of the Insurers' Bureau, the loss ratio for  compulsory motor third party liability insurance amounted to about  60% as of September 30, 2017, with annual growth of almost 10  percentage points.

According to Ranking of insurance companies of Armenia as of  30.09.2017, prepared by ArmInfo News Agency , Rosgosstrakh Armenia  holds the leading position on insurance premiums and insurance  indemnities in the class of OSAGO, while INGO Armenia and Nairi held  the 2nd and 3rd positions Insurance. " The share of OSAGO in the  total volume of insurance premiums is 56.08%, and in the total volume  of insurance claims - 66.82%, against 55.7% and 59.82% respectively.  In total, the volume of insurance premiums (total for all classes of  insurance) was 24.6 billion AMD (with an annual growth of 3.8%  against 0.3% a year ago), and insurance indemnities - 11.98 billion  AMD (with an annual growth of 19.3% against 4.8% a year ago). Six  insurance companies operate in Armenia.

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