Friday, November 2 2018 12:13

ArmInfo.. For 9 months of 2018, Armenian insurers reimbursed more than 16.5 billion AMD or $ 34.2 million in different classes (figures are brought from the reports of  Insurance Companies portfolios according to the standards of the  Central Bank of Armenia).

The y-o-y growth of indemnities accelerated  to 37.9% from last year's 19.3%. At the same time, the insurance  premiums of the Armenian insurance companies recorded a y-o-y growth  of 24.3% to 30.5 billion AMD or $ 63.2 million, against a growth of  3.8% a year earlier. According to the Ranking of Insurance Companies  of Armenia, prepared by the ArmInfo, the y-o-y growth of payments was  ensured by all six companies, the largest growth was demonstrated by  Armenia Insurance by 67.5% and IC Nairi Insurance by 52.8%, while the  smallest by RESO - by 11.3%.

By insurance class, the largest y-o-y increase in payments was  recorded for general liability insurance - 17.3-fold, property  insurance against other damages - 9-fold, accident insurance -  2.5-fold, health insurance - 97.7% . A more modest y-o-y increase in  payments was recorded for CMTPL - by 21.6%, insurance for those  traveling abroad - by 21.4%, property insurance against fire and  natural disasters - by 17.3%, full comprehensive automobile insurance  - by 11%. The y-o-y trend of indemnities was downward in three  classes: cargo insurance - by 17.9%, liability insurance from the use  of land transport - by 31.5%, financial damage insurance - by 12.7%.  To note for comparison, that following the results of 9 months of  2017, the following classes demonstrated y-o-y growth: cargo  insurance -2.4 -fold, property from fires and natural disasters - by  77.8%, total liability - by 67.6%, property from other losses - by  53.5%, CMTPL - by 33.3%, traveling abroad - by 27.6%, comprehensive  car insurance- by 3.2%. And for the other classes, the y-o-y trend of  indemnities in that period was in a downturn: insurance of financial  damage - by 42.5%, against accidents - by 26.8%, liability from the  use of land transport - by 23.6%, health - by 0,4%.

Generally, no payments were recorded in the current year,like in the  previous year, for insuring credit risks (only Rosgosstrakh-Armenia  is licensed), for insuring air transport and the liability for using  it (INGO Armenia, Rosgosstrakh-Armenia and Nairi Insurance are  licensed), water transport and liability for its use (only INGO  Armenia is licensed) and guarantees provided (licensed INGO Armenia  and Rosgosstrakh- Armenia).

The largest amount of insurance payments is traditionally provided by  Rosgosstrakh-Armenia insurance company - 4.7 billion AMD  (leading in  terms of premiums). The second place is occupied by IC "INGO Armenia"  with a volume of refunds of 3.9 billion AMD. IC "Nairi Insurance"  closes the TOP-3 with the volume of payments of 3.1 billion AMD. The  fourth position is occupied by IC "Sil Insurance" with an indicator  of 2.2 billion AMD. The fifth position is occupied by IC "RESO" with  an indicator of 1.5 billion AMD. "Armenia Insurance" insurance  company with a payout of 1.1 billion AMD is in the end of the list.

The largest share of payments in the compensation structure  traditionally fell on compulsory motor third party liability  insurance (CMTPL) - 58.89% or 9.7 billion AMD, against 66.82% a year  earlier. The share of health insurance accounted for 30.57% of the  total insurance payments, or 5.1 billion drams, against 21.32% a year  earlier. In the comprehensive automobile insurance segment, the  amount of insurance payments reached 902.7 million drams or 5.46% in  total insurance claims, against 6.78% a year earlier. The share of  insurance of financial loss accounted for 1.27% or 210.6 million  drams, against 2.01% a year earlier. For other classes, payments  range from 20-144 million drams, with a minimum for land liability  insurance (0.12% of total payments, against 0.24% a year earlier) and  a property insurance maximum (1.3% , against 1.1% a year earlier).

During the first 9 months of 2018, Armenian insurance companies  recorded a total of 216.6 thousand CMTPL, insurers recorded over 47.2  thousand insurance claims. Insurance of land transport (comprehensive  car insurance) takes the third place in the number of cases - more  than 1.3 thousand cases.  In the insurance market of Armenia, there  are 2 mandatory types of insurance - CMTPL and health insurance of  state employees.

To recall, insurance companies out of 19 available insurance classes  work in 17 insurance classes, with the exception of railway insurance  and legal and extrajudicial expenses insurance. In 16 classes, INGO  Armenia IC is licensed (the only one working in the water transport  insurance class), followed by the Rosgosstrakh Armenia IC - 15  insurance classes, the only in the credit risk insurance class. (the  estimated exchange rate of the dollar was 482.71 AMD./$ 1 as of 30Sep   2018).