ArmInfo. Armenian insurance companies reimbursed 17.8 billion drams or $ 36.7 million for various classes in 2017 (figures are presented from reports of SC portfolios according to CBA standards).
For the reporting year, the reimbursements of insurers increased by 24.9%, against 4.9% growth for 2016. At the same time, according to insurance premiums of Armenian insurance companies, the annual growth was fixed at 6.2% - up to 34.9 billion drams or $ 72.2 million, against 5% growth for 2016. According to the Ranking of Insurance Companies of Armenia, prepared by IC ArmInfo, annual growth in payments was provided by all six companies, the largest in RESO - by 55.5% and Nairi Insurance by 51.6%, and the smallest by SK " Rosgosstrakh Armenia "- by 7.8%.
By breakdown by insurance classes, the largest annual increase in payments was recorded for general liability insurance - 10 times, property from other damages - 2.6 times, cargo transportation - 2.1 times, and for OSAGO - growth rates sharply accelerated to 32.7 % from 3.4% in 2016, with the reverse picture of CASCO - a slowdown to 1.2% from 6.9% in 2016. The upward trend was also recorded in the insurance of those traveling abroad - by 27.8%, property from fires and natural disasters - by 21.7%.
For the rest of the insurance classes, the annual trend of reimbursement in the recession: liability from the use of land transport - by 45.9%, financial damage - by 42.5%, from accidents - by 20.8%. The sharp acceleration in the growth rate of health insurance reimbursements to 17.8% from 5% in 2016 is due to the launch in October 2017 of the process of phased introduction of compulsory health insurance (CMI) and the beneficiaries of the first stage of the social package were civil servants with financing of payments from state funds. This tendency of accelerated ascent of health insurance will continue in 2018, as the second stage will start in July and this time the social package will cover the most unsecured segments of the population - 612,000 of the most needy RA citizens.
In general, there were no payments during the reporting period for insurance of credit risks (licensed only by Rosgosstrakh-Armenia), on aviation insurance and liability for its use (licensed by INGO Armenia, Rosgosstrakh-Armenia and Nairi Insurance), water transport and liability of its use (licensed only by INGO Armenia ) and provided guarantees (licensed by INGO Armenia and Rosgosstrakh-Armenia).
The largest volume of insurance payments is traditionally provided by Rosgosstrakh-Armenia Insurance Company - 5.3 billion drams. The second place is occupied by IC "INGO Armenia" with a volume of reimbursements of 4.1 billion drams. TOP-3 closes SC "Nairi Insurance" with a payout of 3.1 billion drams. In close contact with them is SC "Sil Insurance" with an indicator of 2.3 billion drams. The fifth place is occupied by SC RESO with the indicator of 1.97 billion drams. The list of insurance companies is closed by Insurance Armenia Insurance Company with a payout of 1.1 billion drams.
The largest share of payments in the structure of compensation traditionally fell on compulsory motor third party liability insurance (OSAGO) - 65.76% or 11.7 billion drams, against 61.88% a year earlier. The share of medical insurance accounted for 22.66% of the total volume of insurance payments or 4.03 billion Drams, compared to 24.02% a year earlier. On the CASCO segment, the amount of insurance payments has reached 1.2 billion drams or 6.5% in total insurance reimbursements, against 8.03% a year earlier. The share of financial loss insurance accounted for 1.36% or 241.2 million drams, against 2.95% a year earlier. For the other classes, payments range from 34-162 million drams, with a minimum on liability insurance from land transportation (0.19% of total payments, compared with 0.45% a year earlier) and a maximum in cargo transportation insurance (0.91% , against 0.54% a year earlier).
In 2017, Armenia's insurance companies recorded a total of more than 203 thousand insurance cases, of which the most part was for medical insurance - about 140 thousand cases. Under the OSAGO, insurers recorded about 59 thousand insured events. The insurance of land transport (CASCO) by the number of cases ranks third - about 2 thousand cases. In the Armenian insurance market, there are two compulsory types of insurance: compulsory motor third party liability insurance and health insurance for state employees. Recall that insurance companies of Armenia from the available 19 classes work for 17 classes of insurance, except for railway transport insurance and insurance of judicial and extrajudicial expenses. IC INGO Armenia (the only one operating in the class of water transport insurance) was licensed for 16 classes, after which Rosgosstrakh Armenia Insurance Company is the 15 class of insurance according to the number of licensed classes, the only insurance class working on the credit risk insurance class. (and the estimated exchange rate of the dollar as of 31.12.17 was 484.10 dr / $ 1).