Monday, May 14 2018 15:12
Karine Melikyan

In Armenia, insurance premiums went up on April 1, 2018, and payments slowed down the pace of ascent

In Armenia, insurance premiums went up on April 1, 2018, and payments  slowed down the pace of ascent

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.

POST A COMMENT
Input digits     


News
Converse bank will cover the insurance costs within the framework of program lendingConverse bank will cover the insurance costs within the framework of program lending
Armenia, Russia to deepen strategic partnership in both nuclear and  non-nuclear energyArmenia, Russia to deepen strategic partnership in both nuclear and  non-nuclear energy
Government proposes way to solve problem with export of fruits and  vegetablesGovernment proposes way to solve problem with export of fruits and  vegetables
Minister: Dram revaluation may lead to repeated Minister: Dram revaluation may lead to repeated "destruction" of the  industry
Financing of subvention programs in Armenia reached 7.3 billion drams  in 2022Financing of subvention programs in Armenia reached 7.3 billion drams  in 2022
WB to provide technical assistance to educational sector of Armenia  under PPPWB to provide technical assistance to educational sector of Armenia  under PPP
Armenian government recognizes number of territories in Syunik as  Armenian government recognizes number of territories in Syunik as  "overriding public interest" for construction of North-South Corridor
Lawyer in Lawyer in "March 1" Case nominated as Judge of Armenia`s  Constitutional Court
Order Mastercard Standard and Mastercard Gold and use the preferential credit lineOrder Mastercard Standard and Mastercard Gold and use the preferential credit line
Pashinyan: From January 1, 2023, pensions, the minimum wage and  benefits will be increased in ArmeniaPashinyan: From January 1, 2023, pensions, the minimum wage and  benefits will be increased in Armenia
Tax collections will exceed the level planned for the first half of  the year by about 60 billion drams:  PashinyanTax collections will exceed the level planned for the first half of  the year by about 60 billion drams:  Pashinyan
In 2022, Armenia will be able to reduce the level of government debt  much faster than planned: Ministry of FinanceIn 2022, Armenia will be able to reduce the level of government debt  much faster than planned: Ministry of Finance
Armenia could be major supplier of sugar beet seeds to EAEU  member-states Armenia could be major supplier of sugar beet seeds to EAEU  member-states 
Armenia 84th in Speedtest Global Index rankings Armenia 84th in Speedtest Global Index rankings 
CBA: Inflow of foreign labor migrants and capital to Armenia has  increased projected GDP growth to 4.9%CBA: Inflow of foreign labor migrants and capital to Armenia has  increased projected GDP growth to 4.9%
Central Bank of Armenia forecasts increase in exports by 5.1% and  imports by 8.3% for 2022Central Bank of Armenia forecasts increase in exports by 5.1% and  imports by 8.3% for 2022
Poland considers Armenia as profitable platform for entering EAEU  marketPoland considers Armenia as profitable platform for entering EAEU  market
In its improved forecast for 2022, CBA reduces decline in net  remittance inflows to 12% from previous 20%In its improved forecast for 2022, CBA reduces decline in net  remittance inflows to 12% from previous 20%
Business community of Armenia called on government to find assistance  mechanisms in connection with dram revaluation Business community of Armenia called on government to find assistance  mechanisms in connection with dram revaluation 
CBA forecasts 14.8% unemployment in ArmeniaCBA forecasts 14.8% unemployment in Armenia
Majority interest in Armenia Securities Exchange was transferred to  Warsaw Stock ExchangeMajority interest in Armenia Securities Exchange was transferred to  Warsaw Stock Exchange
ACBA Bank and Ameriabank helped beneficiaries to equip cash registers  with system for accepting non-cash payments with investmentsACBA Bank and Ameriabank helped beneficiaries to equip cash registers  with system for accepting non-cash payments with investments
Armenia, Russia to expand cooperation in agricultural and industrial  fieldsArmenia, Russia to expand cooperation in agricultural and industrial  fields
Rossiya Airlines to start operating flights from Samara to Yerevan  from July 2Rossiya Airlines to start operating flights from Samara to Yerevan  from July 2
A joint Armenian-Russian technopark may be established in Armenia-  GordeyevA joint Armenian-Russian technopark may be established in Armenia-  Gordeyev
IMF improves Armenia`s GDP growth forecast for 2022 to 5%IMF improves Armenia`s GDP growth forecast for 2022 to 5%
Halal to open office in ArmeniaHalal to open office in Armenia
Government of Armenia approves regular applications for  implementation of subvention programs in 7 regions of countryGovernment of Armenia approves regular applications for  implementation of subvention programs in 7 regions of country
Process of discussing construction project of new power unit in  Armenia begunProcess of discussing construction project of new power unit in  Armenia begun
How long will the drama with rising dram last? - Haykaz FanyanHow long will the drama with rising dram last? - Haykaz Fanyan
Service sector is main driver of double-digit economic growth in  ArmeniaService sector is main driver of double-digit economic growth in  Armenia
ADB: Armenia is a country of great opportunitiesADB: Armenia is a country of great opportunities
Armenia`s government plans renovation of 500km of roads Armenia`s government plans renovation of 500km of roads 
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 
Read more


Exchange rates
01.07.2022
RUB7.46-0.29
USD407.950.74
EUR426.352.81
GBP491.82-0.99
CAD315.780.60
JPY30.140.28
CNY61.010.34
CHF424.640.06