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).