ArmInfo. In Armenia, with the process of phased introduction of compulsory health insurance the loss ratio in the general class of medical insurance increased in 2018 on average in the market to 67%, against 55.8% in 2017.
According to , prepared by ArmInfo IC, the growth of premiums for medical insurance accelerated in 2018 to 50.4% from 28.1% in 2017, reaching 10.7 billion drams ($ 22.1 million), and refunds - from 17.8% to 73%, making 6.97 billion drams ($ 14.4 million).
To note, since October 1, 2017, a phased introduction of the compulsory health insurance started in Armenia, starting from the social package for civil servants - over 100 thousand beneficiaries, funded by state funds. So far, the compulsory health insurance will be limited to civil servants, and the underprivileged segments of the population - about 612,000 people - will fall under the compulsory health insurance only in 2021, after the creation of the Universal Health Insurance Fund. Monthly insurance payments in the Universal Health Insurance Fund may amount to 2-3% of the salary of working citizens. The Ministry of Health hopes that within the next two years all ambiguities in the implementation of the compulsory health insurance system will disappear.
According to FinRating ArmInfo, in the class of medical insurance, INGO Armenia keeps the leadership in the market, providing insurance premiums in the amount of 3.2 billion drams and compensation of 2.1 billion drams as of January 1, 2019, with an y-o-y growth of these indicators by 39.3% and 60.5%. "Rosgosstrakh Armenia" insurance company took second place with insurance premiums in the amount of 2.9 billion and indemnities in the amount of 2.02 billion drams. Nairi Insurance - 2.3 billion drams and 1.2 billion drams, closes the TOP-3 for insurance premiums and reimbursements of this class respectively. "Sil Insurance> - 1.4 billion and 1 billion drams, occupies the fourth position in terms of insurance premiums and reimbursements of this class. "RESO" and "Armenia Insurance" took the fifth and sixth positions: insurance premiums - respectively 544.2 million and 380.1 million drams, reimbursement - respectively 393.4 million and 260.3 million drams. Insurance premiums and medical insurance premiums increased all six companies for 2018, with the largest increase provided by Armenia Insurance's closing list - by 2.1 times for premiums and by 2.7 times for refunds.
To note, the loss ratios also grew on third party liability insurance - up to 68.4%, against 61.7% for 2017, and for fully comprehensive insurance - up to 75.7%, against 67.4% for 2017. The y-o-y growth of the loss ratio was also observed in property insurance against other damages - from 14.5% to 16%, and in insurance of financial damage - from 20.9% to 23.2%.
For the other classes, loss ratios decreased in 2018: for insuring those traveling abroad - from 19.7% to 18.8%, property from fires and natural disasters - from 8.1% to 3.8%, from accidents - from 7.5% to 6.9%, liability from the use of motor vehicles - from 28.3% to 25%, freight traffic - from 10% to 9.1%, for general liability insurance - to 0.23%.
The zero loss ratio was recorded in 2018 for the insurance of air transport, which was observed a year earlier (against 3.5% in 2016).
