ArmInfo. The premiums of Armenian insurance companies increased by 47.9% per annum in the 1st quarter of 2018, with an increase in indemnities of 26%, while a year earlier premiums were in a 1.1% decline, and payments showed a higher growth - 32.6% %.
Only in the first quarter of 2018, the premiums increased by 36.1%, with the decrease in payments by 22.2%, against the meager growth of these indicators for the I quarter of 2017 by 3.1% and 0.7% respectively. By April 1, 2018, the total volume of insurance premiums amounted to 13.8 billion drams, and the amount of insurance indemnities - 5.4 billion drams (figures are given from the reports of the IC by IFRS standards). According to Ranking of insurance companies of Armenia prepared by IC ArmInfo, as a result of this, the insurance system summed up the first quarter of 2018 with a net profit of 71.9 million drams with a quarterly growth of 2.5 times, with an annual decline of 86.1%. According to the same reports of SC portfolios on CBA standards, insurance premiums totaled AMD 14.1 billion (annual growth of 47.6%), and compensation - 5.7 billion drams (annual growth of 36.9%). On an annual basis, all insurance companies demonstrated growth in premiums and payments, but only in the first quarter all six of the UK registered a growth in premiums, while for reimbursements only 2 companies managed to keep the upward trend.
The first place in the volume of collected premiums was taken by INGO Armenia Insurance Company with a portfolio of 3.82 billion drams, displacing Rosgosstrakh Armenia Insurance Company to the second position - 3.78 billion drams. TOP-3, as before, is closed by SC "Nairi Insurance" - 2.6 billion drams. Next to them, by size of the insurance portfolio, SC "Sil Insurance" - 1.96 billion drams, "RESO" Insurance Company - 1.02 billion drams and "Armenia Insurance" Insurance Company - 846.3 million drams.
In the structure of insurance fees, the largest share was in medical insurance - 44.87% or 6.3 billion drams (annual growth of 2.9 times). Prior to this, the traditionally leading OSAGO shifted to the second position - 38.3% or 5.4 billion drams (annual decline of 2.1%). The third position in terms of the share in insurance premiums was CASCO - 3.84% or 540.04 million drams (growth for the year by 21.9%). In the fourth position - accident insurance - 3.59% or 504.5 million drams (annual growth of 94.9%). On the fifth position - insurance of property risks, in particular from fires and natural disasters - 3.11% in the total volume of premiums or 437.4 million drams (decline for the year by 10.2%). In addition, over 8 insurance classes, Armenian insurers collected 885.6 million drams. On the 4th insurance classes (insurance of water transport, liability insurance from water transport, insurance of provided guarantees and insurance of credit risks), Armenian insurers did not conclude a single contract during the reporting period.
As a comparison, we note that in the first quarter of 2017 in the total insurance premiums, the share of OSAGO was 57.69%, medical insurance - 22.97%, property insurance against fires and natural disasters - 5.11%, CASCO - 4.65% insurance against accidents - 2.72%. For the remaining 8 classes of insurance, the charges amounted to 654.6 million drams, with zero index for 4 types (water transport insurance, liability insurance from water transport, insurance of guarantees provided and insurance of credit risks). Premiums for health insurance and accident insurance showed an annual growth in the first quarter of 2017 - by 15.5% and 2.1 times, respectively, and for OSAGO, property insurance from fires, and CASCO premiums decreased by 5%, 8, 7% and 8.3% respectively.
