Monday, May 14 2018 16:35

ArmInfo. The Armenian insurers in the first quarter of 2018 reimbursed 5.7 billion drams or $ 11.9 million for various classes (figures are presented from the reports of the portfolios of the CB according to the standards of the Central Bank of Armenia).

On an annual basis, the reimbursements of insurers increased by 36.9%, against growth of 13.8% a year earlier. At the same time, according to the insurance fees of the Armenian insurance companies, the annual growth was registered at 47.6% - up to 14.1 billion drams or $ 29.3 million, against the decline of 0.4% a year earlier.  According to the Ranking of Insurance Companies of Armenia, prepared by IC ArmInfo, annual growth in payments was provided by all six companies, with Nairi Insurance having the largest increase of 67.8%.

By breakdown by insurance classes, the largest annual increase in payments was recorded in general liability insurance - 40 times (against growth of 5.5 times a year earlier). After this class, the rate of annual increase in compensation is followed by property insurance against fires and natural disasters - 4.6 times (against 3.9% growth a year earlier) and medical insurance - 2.2 times (against a decline of 4.7 % a year earlier). Acceleration of the annual increase in compensation was recorded for the insurance of those traveling abroad - from 24.7% to 44.3%. According to compulsory motor third party liability insurance, the annual growth of compensation has slowed from last year's 41.3% to the current 11.2%, and on liability insurance from the use of land transport, the annual dynamics deteriorated from 19.4% growth to 59.8% decline.

The classes also improved in terms of the annual dynamics of compensation with the output from the recession to growth: CASCO by 6%, financial loss insurance by 47.8%, property insurance from other damages by 76 times, accident insurance by 50.5% , on cargo transportation insurance - 3.3 times.  Meanwhile, a year earlier, in the first quarter of 2017, these classes of insurance showed an annual decline:  CASCO - by 7.1%, financial damage - by 77.2%, property from other damages - by 58%, from accidents - by 24%, cargo transportation by 16.2%.

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).

Rosgosstrakh-Armenia Insurance Company - 1.5 billion drams, holds leadership in terms of insurance payments. The second place is occupied by IC "INGO Armenia" with a volume of reimbursements of 1.4 billion drams. TOP-3 closes SC "Nairi Insurance" with a payout of 1.1 billion Drams. In close proximity to them is SC "Sil Insurance" with an indicator of 720.1 million drams. SC RESO occupies the fifth position with the index of 562.2 million drams. Insurance Armenia Insurance Company closes the list of insurance companies with a payout of 384.5 million drams.

The largest share of payments in the structure of reimbursement has traditionally occurred in CMTPL - 57.78% or 3.3 billion drams, against 71.14% a year earlier. The share of medical insurance accounted for 28% of the total volume of insurance payments or 1.6 billion Drams, compared to 17.7% a year earlier. On the CASCO segment, the amount of insurance payments reached 310.9 million drams or 5.44% in total insurance reimbursements, against 7.02% a year earlier. The share of financial loss insurance accounted for 2.35% or 134.1 million drams, against 2.17% a year earlier. For the other classes, payments range from 6.4- 116.1 million drams, with a maximum on general liability insurance (2.03% of total payments, compared with 0.07% a year earlier) and a minimum liability insurance for motor vehicles (0.11%, against 0.38% a year earlier).

For the first quarter of 2018, Armenian insurance companies recorded a total of 70.3 thousand insurance cases, of which the most part was for medical insurance - 52.5 thousand cases. Under the OSAGO, insurers recorded about 16 thousand insured events. The insurance of land transport (CASCO) in the number of cases ranks fourth - 430 cases, and in third place - general liability insurance - 1.1 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.