Thursday, February 8 2018 13:48
Karine Melikyan

The upward trend of insurance claims for "OSAGO" sharply accelerated, and for CASCO significantly slowed down

The upward trend of insurance claims for "OSAGO" sharply accelerated, and for CASCO significantly slowed down

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).

POST A COMMENT
Input digits     


News
Will the EAEU expand? the Deputy Prime Minister of Armenia commentsWill the EAEU expand? the Deputy Prime Minister of Armenia comments
Grigoryan on Baku`s statements Grigoryan on Baku`s statements "about returning to the Zangezur  corridor" - "Even as a transport route, the issue will not be  discussed"
1000 large taxpayers of Armenia increased the volume of tax payments  by 6% per annum in the first quarter of 20211000 large taxpayers of Armenia increased the volume of tax payments  by 6% per annum in the first quarter of 2021
State agencies are on the list of large taxpayers in ArmeniaState agencies are on the list of large taxpayers in Armenia
Mher Grigoryan discussed with the EU delegation the work on  unblocking regional transportMher Grigoryan discussed with the EU delegation the work on  unblocking regional transport
Papikyan defies detractors-modernization of Metsamor NPP will be  continuedPapikyan defies detractors-modernization of Metsamor NPP will be  continued
Mher Grigoryan: The ban on the import of Turkish goods to Armenia is  likely to be extendedMher Grigoryan: The ban on the import of Turkish goods to Armenia is  likely to be extended
Mher Grigoryan: The Government of Armenia has provided financial  assistance to more than 150 thousand beneficiaries within the  framework of assistance programs for ArtsakhMher Grigoryan: The Government of Armenia has provided financial  assistance to more than 150 thousand beneficiaries within the  framework of assistance programs for Artsakh
Deputy Prime Minister Mher Grigoryan spoke with WB Regional Vice  PresidentDeputy Prime Minister Mher Grigoryan spoke with WB Regional Vice  President
Prime Minister reported on the problems in the Zangezur  Copper-Molybdenum CombinePrime Minister reported on the problems in the Zangezur  Copper-Molybdenum Combine
Ameriabank Launches Placement of New Bond Issues for USD 20 Million and AMD 5 Billion Ameriabank Launches Placement of New Bond Issues for USD 20 Million and AMD 5 Billion 
In Armenia, the number of terminated CMPTL contracts jumped 2.5 times  YoY in the first quarter of 2021 In Armenia, the number of terminated CMPTL contracts jumped 2.5 times  YoY in the first quarter of 2021 
MP from the MP from the "My Step" faction: Forecasts of the impending  depreciation of the dram have no economic basis 
Expert: Talk about the construction of a new nuclear power plant in  Armenia does not go beyond political rhetoricExpert: Talk about the construction of a new nuclear power plant in  Armenia does not go beyond political rhetoric
Ardshinbank together with Visa launched an electronic wallet within the Мobile banking appArdshinbank together with Visa launched an electronic wallet within the Мobile banking app
Melkumyan: Melkumyan: "Velvet" government failed in the modernization program of  Metsamor NPP 
Armenia`s trade sector was in decline in January-February 2021Armenia`s trade sector was in decline in January-February 2021
Revenue of the Armenian communications sector in January-February  2021 sank by 4.7% per annumRevenue of the Armenian communications sector in January-February  2021 sank by 4.7% per annum
Passenger transportation in Armenia delayed in decline due to the  coronacrisisPassenger transportation in Armenia delayed in decline due to the  coronacrisis
Get now, pay later, now the same priceGet now, pay later, now the same price
Armenia`s steel industry was in decline by March 2021Armenia`s steel industry was in decline by March 2021
Armenia reduced electricity generation by 5.8% per annum in  January-February 2021Armenia reduced electricity generation by 5.8% per annum in  January-February 2021
Expert: The Central Bank`s initiative is a signal to Expert: The Central Bank`s initiative is a signal to "money bags" or  life under the microscope
RA Issued Eurobonds Are Now Traded on Armenia Securities ExchangeRA Issued Eurobonds Are Now Traded on Armenia Securities Exchange
Armenia`s manufacturing industry continues to sinkArmenia`s manufacturing industry continues to sink
Two-year monitoring of the online labor exchange indicates the  restoration of business optimism-Vahan KerobyanTwo-year monitoring of the online labor exchange indicates the  restoration of business optimism-Vahan Kerobyan
SRC of Armenia encourages decent taxpayersSRC of Armenia encourages decent taxpayers
Converse Bank. New campaign for womenConverse Bank. New campaign for women
Pashinyan to EBRD President: The re-commissioning of transport  communications could help implement new joint projectsPashinyan to EBRD President: The re-commissioning of transport  communications could help implement new joint projects
“Evocabank” CJSC’s bonds have been listed on Armenia Securities Exchange for the first time“Evocabank” CJSC’s bonds have been listed on Armenia Securities Exchange for the first time
 Optimism of the authorities contrary to official statistics: What  will the Armenian economy face? Optimism of the authorities contrary to official statistics: What  will the Armenian economy face?
The Central Bank of Armenia announces its intention to intervene in  the foreign exchange market for the second time in 2021The Central Bank of Armenia announces its intention to intervene in  the foreign exchange market for the second time in 2021
On April 12, Ameriabank will start placing the next tranches of USD  and AMD bonds in the amount of $ 20 million and 5 billion dramsOn April 12, Ameriabank will start placing the next tranches of USD  and AMD bonds in the amount of $ 20 million and 5 billion drams
Ardshinbank and Visa offer smart Visa payment rings for the first time in ArmeniaArdshinbank and Visa offer smart Visa payment rings for the first time in Armenia
Armenia`s unemployment rate drops to 16% in 2020Armenia`s unemployment rate drops to 16% in 2020
Armenia`s SRC: The number of registered micro-entrepreneurship  entities increased by 18% Armenia`s SRC: The number of registered micro-entrepreneurship  entities increased by 18% 
The inflow of foreign investment into the Armenian economy has  declined by 39 in 2020%The inflow of foreign investment into the Armenian economy has  declined by 39 in 2020%
Ex-Minister: Creating a centralized register of bank accounts is an  attempt to adapt the Rolls-Royce engine to your own dreamEx-Minister: Creating a centralized register of bank accounts is an  attempt to adapt the Rolls-Royce engine to your own dream
Armenia`s foreign trade turnover decreased in January-February 2021  by 12.2% per annumArmenia`s foreign trade turnover decreased in January-February 2021  by 12.2% per annum
The financial regulator sees the feasibility of introducing a  centralized register of bank accountsThe financial regulator sees the feasibility of introducing a  centralized register of bank accounts
Armenia`s foreign trade turnover with the EU countries has been  delayed in declineArmenia`s foreign trade turnover with the EU countries has been  delayed in decline
Armenia`s national debt is approaching $9 billionArmenia`s national debt is approaching $9 billion
Armenia`s consumer market recorded inflation of 3.8% in Q1 2021 with  5.2% y-o-y inflation Armenia`s consumer market recorded inflation of 3.8% in Q1 2021 with  5.2% y-o-y inflation 
Up to 150 million cubic meters of Russian gas to be supplied to  Armenia through AzerbaijanUp to 150 million cubic meters of Russian gas to be supplied to  Armenia through Azerbaijan
IDBank offers the most flexible and profitable conditions for mortgage borrowersIDBank offers the most flexible and profitable conditions for mortgage borrowers
Armenia reduced exports of copper ore, increasing exports of zinc and  molybdenum concentrates and ores containing precious metalsArmenia reduced exports of copper ore, increasing exports of zinc and  molybdenum concentrates and ores containing precious metals
Russia and Brazil became the main sugar import markets for Armenia in  2020Russia and Brazil became the main sugar import markets for Armenia in  2020
EU Ambassador and Armenian NPP leadership discussed opportunities for  expanding cooperationEU Ambassador and Armenian NPP leadership discussed opportunities for  expanding cooperation
Deputy Minister: Unblocking of economic ties and transport  communications in the South Caucasus is beneficial to all partiesDeputy Minister: Unblocking of economic ties and transport  communications in the South Caucasus is beneficial to all parties
Moscow plans to discuss the prospects of creating logistics centers  for groupage cargo from ArmeniaMoscow plans to discuss the prospects of creating logistics centers  for groupage cargo from Armenia
Ardshinbank upgrades its branches in Hrazdan and DilijanArdshinbank upgrades its branches in Hrazdan and Dilijan
Armenia`s gross international reserves exceeded $3 billion for the  first time with a 33% jump in FebruaryArmenia`s gross international reserves exceeded $3 billion for the  first time with a 33% jump in February
Armenia and Malta move to eliminate double taxationArmenia and Malta move to eliminate double taxation
Armenian tax officials report over-fulfillment of quarterly tax  collection plan: Finance Ministry promises to take new heightsArmenian tax officials report over-fulfillment of quarterly tax  collection plan: Finance Ministry promises to take new heights
New WB forecast: Armenia ranks second in terms of GDP growth in 2021  among the EAEU countries, and at the rate of 2022 it shares the lead  with KyrgyzstanNew WB forecast: Armenia ranks second in terms of GDP growth in 2021  among the EAEU countries, and at the rate of 2022 it shares the lead  with Kyrgyzstan
New forecast of the Central Bank of Armenia for 2021: GDP growth by  1.4%, export growth by 1-3%, import decline 2-4%, unemployment rate  18.6%New forecast of the Central Bank of Armenia for 2021: GDP growth by  1.4%, export growth by 1-3%, import decline 2-4%, unemployment rate  18.6%
Telecom Armenia summed up the results of the <Coding skills> project Telecom Armenia summed up the results of the project 
The Armenian Stock Exchange is once again recognized as the The Armenian Stock Exchange is once again recognized as the "Best  Stock Exchange in the South Caucasus"
World Bank improves Armenia`s GDP growth forecast for 2021 to 3.4%World Bank improves Armenia`s GDP growth forecast for 2021 to 3.4%
The Central Bank of Armenia predicts an increase in the net inflow of  private transfers in the range of 7-9 in 2021%The Central Bank of Armenia predicts an increase in the net inflow of  private transfers in the range of 7-9 in 2021%
Read more


Exchange rates
16.04.2021
RUB6.890.10
USD522.201.00
EUR625.491.20
GBP719.540.96
CAD417.530.34
JPY47.980.06
CNY79.980.16
CHF568.043.05