Monday, May 14 2018 13:57
Karine Melikyan

The coefficient of unprofitability in the insurance system of Armenia increased by OSAGO by 1 April and decreased by VMI

The coefficient of unprofitability in the insurance system of Armenia  increased by OSAGO by 1 April and decreased by VMI

ArmInfo. In Armenia, the ratio of  unprofitability by April 1, 2018 increased by OSAGO, and by CASCO,  and by voluntary medical insurance - decreased. According to Ranking  of insurance companies of Armenia prepared by NA ArmInfo, as of  31.03.2018, the loss ratio for OSAGO insurance in the average on the  market increased from 56% to 62.9% per annum, and the decrease was  recorded by CASCO - from 77% to 66.4 % and on medical insurance -  from 42,7% to 25%.

The annual growth in the loss ratio was also observed in the  insurance of those traveling abroad - from 19.7% to 28.3% on average,  property insurance against fires and natural disasters - from 5.4% to  17.3%, cargo transportation insurance - from 2, 8% to 10%, financial  loss insurance - from 75.5% to 85.3%, accident insurance - from 9% to  9.8%.

The volume of insurance premiums as of April 1, 2018 was 14.1 billion  AMD, and compensation - 5.7 billion, with annual growth of 47.6% and  36.9% respectively. OSAGO and medical insurance in terms of premiums  and reimbursements keep leadership. Moreover, OSAGO premiums showed  an annual decline of 2.1% with an increase in compensation by 11.2%,  and medical insurance increased premiums 2.9 times with an increase  in compensation by 2.2 times. According to the CASCO, the premiums  and reimbursements grew by 21.9% and 6%, respectively.

For OSAGO for 7 years from the introduction of compulsory motor  insurance to this day, many steps have been taken to improve this  segment. The introduction of the direct compensation mechanism since  April 2017 turned out to be the root change in the OSAGO system.  Automation of all processes is actively going on. Work is underway to  transfer OSAGO processes to a new level of standards and automation -  to the single window system and a single platform for the insurance  market under the project "Armenian Single Window for Automative -  ASWA". Until mid-2018, it is planned to launch an digital version of  registration of insurance cases, a unified registration system with  the Road Police according to more modern standards.  But the  development of the insurance market of the Republic of Armenia is not  limited only by the internal changes in the procedures. For more than  a year the Green Card Bureau has been discussing the process of  Armenia's possible membership in the system of international motor  third party liability insurance.

There are 6 companies operating in the Armenian insurance market, out  of which there are 17 working classes, except for railway transport  insurance and insurance of judicial and extrajudicial expenses.

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