Thursday, February 8 2018 17:12
Karine Melikyan

In Armenia, the capacity of the retail insurance market accelerated the upward trend for 2017 from 0.2% to 4.5%, while the corporate market slowed from 12.1% to 8.5%

In Armenia, the capacity of the retail insurance market accelerated  the upward trend for 2017 from 0.2% to 4.5%, while the corporate  market slowed from 12.1% to 8.5%

ArmInfo. The share of retail  insurance in the portfolios of premiums of Armenian insurers amounted  to 56.1% (19.6 billion AMD), corporate - 43.9% (15.3 billion) in  2017. At the same time, the capacity of the retail insurance market  accelerated the upward trend to 4.5% from 0.2% in 2016, and, at the  same time, corporate insurance growth slowed to 8.5% from 12.1% in  2016.  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 January  1, 2017, prepared by NA ArmInfo, retail insurance prevails in premium  portfolios of all insurers, with the exception of INGO Armenia, with  corporate insurance prevailing - 54.8%. The largest disproportion  between retail and corporate insurance was recorded by three  companies - RESO (70.6% and 29.4%) and Insurance Armenia Insurance  (69.1% and 30.9%). The insignificant disproportion between retail and  corporate insurance is observed in Nairi Insurance - 59.7% and 40.3%  and Sil Insurance - 57.9% and 42.1%. In the "Rosgosstrakh Armenia"  Insurance Company, the share of retail insurance slightly prevails  over the corporate one - 55.7% and 44.3%.

In the structure of insurance reimbursements, the share of payments  to retail customers was 71.5% or 12.7 billion drams, corporate -  28.5% or 5.1 billion drams. At the same time, reimbursements to legal  entities slowed the annual growth from 17% to 15%, with a sharp  acceleration of the upward trend of payments by the physical - from  0.3% to 29%.

In the structure of premiums listed for reinsurance, the share of  corporate insurance was 93.4% or 4.4 billion drams (with a change in  the annual dynamics of the 23% growth by 2% decline), retail - 6.6%  or 312.6 million drams (with the acceleration of annual growth from  3% to 15%).

Armenian insurers for the IV quarter of 2017 concluded 343154  contracts, exceeding the number of contracts of a year ago by 17.8%.  Thus, the number of insurance contracts effective as of January 1,  2018 was 693,607 with an annual growth of 9.5%. Among the classes the  leading position in terms of the number of concluded contracts is  held by CMTPL - in the IV quarter about 231 thousand, the number of  valid contracts on which as of January 1 exceeded 458 thousand. Of  voluntary types of insurance, the most popular is accident insurance,  which in IV quarter is concluded 44.6 thousand contracts, and the  number of acting as of January 1 reached 146.3 thousand. According to  the number of contracts in the segment of OSAGO, Rosgosstrakh Armenia  (116.5 thousand operating on January 1, out of which 53 thousand are  concluded in the IV quarter) leads, The economy is dominated by  health insurance (2.1 thousand operating as of January 1), accident  insurance and CASCO are held by RESO (58.5 thousand and 3.6 thousand  respectively acting on January 1), property insurance leadership was  entrusted to " INGO Armenia "(18.1 thousand operating on January 1).  Rosgosstrakh Armenia and INGO Armenia are leading in terms of  insurance for those traveling abroad with almost the same number of  contracts effective as of January 1, 5.6 thousand and 5.4 thousand,  respectively, but INGO Armenia leads in 6.3% versus in the fourth  quarter 4.6 thousand from Rosgosstrakh Armenia.

In terms of the number of contracts concluded in the IV quarter of  the contract, 81,000 were assigned to INGO Armenia Insurance Company,  79.8 thousand to Rosgosstrakh Armenia, 55.7 thousand to Nairi  Insurance, and 48.2 thousand to the fourth RESO . At the fifth Sil  Insurance - over 47 thousand. And closes the list of Armenia  Insurance - 31.5 thousand. All six companies have a dominant in  concluded contracts, compulsory motor third party liability insurance  with a maximum of Seoul Insurance (90%) and a minimum of RESO (45%).

In Armenia from the available 19 insurance classes for today 17 are  involved, with the exception of railway transport, judicial and  extrajudicial expenses. Ingo Armenia works for 16 types, Rosgosstrakh  Armenia for 15, Nairi Insurance for 12, 11 for SIL Insurance, Armenia  Insurance and RESO. (The calculated exchange rate of the dram to the  dollar as of 31.12.17 was 484.10 AMD/USD1).

POST A COMMENT
Input digits     


News
ARARATBANK resumes payment of dividends in 2022 and plans new issue  of sharesARARATBANK resumes payment of dividends in 2022 and plans new issue  of shares
At the end of 2021, EDB investment portfolio reached USD 4.5 billionAt the end of 2021, EDB investment portfolio reached USD 4.5 billion
Business community of Armenia calls on economic authorities to take  urgent measures to rescue businesses that suffered greatly from sharp  revaluation of dramBusiness community of Armenia calls on economic authorities to take  urgent measures to rescue businesses that suffered greatly from sharp  revaluation of dram
Armenian NPP has been connected to country`s national gridArmenian NPP has been connected to country`s national grid
Armenian Deputy PM took part in meeting of EDB CouncilArmenian Deputy PM took part in meeting of EDB Council
Rustam Badasyan proposed to WCO Secretary General to hold 6th Global  Canine Forum in YerevanRustam Badasyan proposed to WCO Secretary General to hold 6th Global  Canine Forum in Yerevan
Armenia, Korea stress necessity to conclude intergovernmental  agreement on cooperation in customs mattersArmenia, Korea stress necessity to conclude intergovernmental  agreement on cooperation in customs matters
FLY BAGHDAD launches Baghdad-Yerevan-Baghdad flightsFLY BAGHDAD launches Baghdad-Yerevan-Baghdad flights
Armenia`s exchange market oversupplied with US dollars - expert Armenia`s exchange market oversupplied with US dollars - expert 
Opening of the second customs zone on Upper Lars will increase the  throughput capacity of the checkpoint by 30% - KerobyanOpening of the second customs zone on Upper Lars will increase the  throughput capacity of the checkpoint by 30% - Kerobyan
FLYONE ARMENIA sends its 100.000th passenger on flightFLYONE ARMENIA sends its 100.000th passenger on flight
Fly Arna office opened at Zvartnots International AirportFly Arna office opened at Zvartnots International Airport
Different prices for same product or service can not be set,  depending on method of payment, cash or non-cash -CBA  message Different prices for same product or service can not be set,  depending on method of payment, cash or non-cash -CBA  message 
ARARATBANK to act as a major sponsor of UAV contest in ArmeniaARARATBANK to act as a major sponsor of UAV contest in Armenia
Armenia can achieve economic growth of 7-9% in 2022Armenia can achieve economic growth of 7-9% in 2022
Armenia`s authorities to invest in new capital programmes Armenia`s authorities to invest in new capital programmes 
Registered jobs and taxes on them are again unprecedented in Armenia Registered jobs and taxes on them are again unprecedented in Armenia 
Inflation in Armenia is a social catastrophe: EconomistInflation in Armenia is a social catastrophe: Economist
Competition Protection Commission of Armenia on how exchange rate  affected cost of granulated sugar and sunflower oilCompetition Protection Commission of Armenia on how exchange rate  affected cost of granulated sugar and sunflower oil
Orion Summit 2022: The main challenge for Armenia is a change in  mindsetOrion Summit 2022: The main challenge for Armenia is a change in  mindset
EPIC announces start of accepting applications for participation in  Entrepreneurship World Cup EPIC announces start of accepting applications for participation in  Entrepreneurship World Cup 
ACBA Leasing has rebranded and intends to double its leasing  portfolio in next 2 yearsACBA Leasing has rebranded and intends to double its leasing  portfolio in next 2 years
EDB launches EDB launches "Jobs in EAEU" app, presenting it to heads of  governments of EAEU 
EAEU countries agreed to lay Southern Railway in ArmeniaEAEU countries agreed to lay Southern Railway in Armenia
Competition Protection Commission: Over the past 12 months, diesel  fuel and flour have risen in price in Armenia Competition Protection Commission: Over the past 12 months, diesel  fuel and flour have risen in price in Armenia 
Heads of governments of EAEU countries sign cooperation documentsHeads of governments of EAEU countries sign cooperation documents
Asphalt carpet is being laid along the Lanjik-Gyumri section under  the North-South Asphalt carpet is being laid along the Lanjik-Gyumri section under  the North-South 
Ensuring food security remains one of the most important tasks for  the EAEU countries in the context of the challenges: PashinyanEnsuring food security remains one of the most important tasks for  the EAEU countries in the context of the challenges: Pashinyan
CBA applied sanctions against exchange offices for anticompetitive  practicesCBA applied sanctions against exchange offices for anticompetitive  practices
Armenia records lowest inflation among EAEU member-states Armenia records lowest inflation among EAEU member-states 
Armenian, Georgian railways developing cooperation Armenian, Georgian railways developing cooperation 
Netcracker Technology is considering entering Armenian marketNetcracker Technology is considering entering Armenian market
Artak Kamalyan: The level of food self-sufficiency in Armenia is 73%Artak Kamalyan: The level of food self-sufficiency in Armenia is 73%
“The Power of One Dram” is 2 years old. More than 82 million drams were allocated for various initiatives“The Power of One Dram” is 2 years old. More than 82 million drams were allocated for various initiatives
VTB plans to stay in Armenian banking marketVTB plans to stay in Armenian banking market
The share of gross capital formation in GDP increased to 17% in Q1  2022 from 7.6% in 2021: Babken TunyanThe share of gross capital formation in GDP increased to 17% in Q1  2022 from 7.6% in 2021: Babken Tunyan
Transit tariff rise blow to Armenian exporters Transit tariff rise blow to Armenian exporters 
EEC expects settlements in national currencies to increaseEEC expects settlements in national currencies to increase
FLYONE ARMENIA starts operating Yerevan-Beirut-Yerevan flightsFLYONE ARMENIA starts operating Yerevan-Beirut-Yerevan flights
Armenia among most popular holiday destinations for RussiansArmenia among most popular holiday destinations for Russians
Central Bank presents digital agenda of ArmeniaCentral Bank presents digital agenda of Armenia
Metrogiprotrans to design Ajapnyak Metro stationMetrogiprotrans to design Ajapnyak Metro station
All conditions for free economic activities in Armenia - Artur  DavtyanAll conditions for free economic activities in Armenia - Artur  Davtyan
Will Armenia benefit from AMD appreciation? Will Armenia benefit from AMD appreciation? 
Leading International and Armenian Companies Focusing on Ecosystem Solutions Join Orion Summit 2022 Leading International and Armenian Companies Focusing on Ecosystem Solutions Join Orion Summit 2022 
Russia significantly increased pork exports to ArmeniaRussia significantly increased pork exports to Armenia
In 2022, Armenia has already allocated more than $10.3 million for  implementation of subvention programsIn 2022, Armenia has already allocated more than $10.3 million for  implementation of subvention programs
VTB Bank launches money transfers in national currencies to Belarus,  Kazakhstan, Armenia and AzerbaijanVTB Bank launches money transfers in national currencies to Belarus,  Kazakhstan, Armenia and Azerbaijan
Mher Grigoryan on need to increase share of national currencies in  EAEU tradeMher Grigoryan on need to increase share of national currencies in  EAEU trade
VEB.RF to support new Russian-Armenian business and economic  initiativesVEB.RF to support new Russian-Armenian business and economic  initiatives
EDB evaluates project for construction of logistics centers along  EAEU perimeterEDB evaluates project for construction of logistics centers along  EAEU perimeter
Deputy head of CBA: Armenia occupies one of the last places in  non-cash payments among the EAEU countriesDeputy head of CBA: Armenia occupies one of the last places in  non-cash payments among the EAEU countries
"Great Silk Road": It is expected to launch a tour route linking  Crimea, Kuban and Armenia
Ardshinbank offers loan refinancing on better termsArdshinbank offers loan refinancing on better terms
All talks about unblocking regional transport links worth nothing  without Julfa railway junction - Ara MarjanyanAll talks about unblocking regional transport links worth nothing  without Julfa railway junction - Ara Marjanyan
Construction work on Tatev-Aghavni road is planned to be fully  completed by autumn of this year:  SanosyanConstruction work on Tatev-Aghavni road is planned to be fully  completed by autumn of this year:  Sanosyan
CBA Head considers it wrong to condition all economic phenomena on  behavior of exchange rateCBA Head considers it wrong to condition all economic phenomena on  behavior of exchange rate
Deputy Prime Minister of Armenia does not rule out possibility of  reducing gas and electricity tariffsDeputy Prime Minister of Armenia does not rule out possibility of  reducing gas and electricity tariffs
Kerobyan: It is necessary to find ways to stop inflation by other  means, rather than an artificial revaluation of the dramKerobyan: It is necessary to find ways to stop inflation by other  means, rather than an artificial revaluation of the dram
VIVA-MTS has new CEOVIVA-MTS has new CEO
Read more


Exchange rates
24.06.2022
RUB7.67-0.07
USD408.56-2.26
EUR430.54-0.94
GBP502.731.12
CAD315.05-1.99
JPY30.25-0.10
CNY60.98-0.26
CHF426.831.33