ArmInfo. In 2018, the Armenian insurers reimbursed 22.8 billion drams or $ 47.1 million in different classes (figures are from IC portfolio portfolios according to the standards of the Central Bank of Armenia). During the reporting year, reimbursement of insurers increased by 28.4%, against 24.9% growth for 2017. At the same time, the insurance premiums of the Armenian insurance companies recorded an y-o-y growth of 17.4% - up to 41.02 billion drams or $ 84.8 million, against 6.2% growth for 2017.
According to the Financial Rating of Insurance Companies of Armenia, prepared by ArmInfo Investment Company, the y-o-y growth of payments was provided by five companies, the largest among Nairi Insurance - by 47.8% and Armenia Insurance - by 46.3%, and the only decline was recorded at "RESO" (3.4%).
Insurance class recorded the largest y-o-y increase in payments recorded for accident insurance - 2 times (against a decline of 20.8% in 2017), and for health insurance - by 73% (against 17.8% growth in 2017). ). Moreover, in medical insurance, a sharp acceleration in the growth rate of both reimbursements and premiums (from 28.1% in 2017 to 50.4% in 2018) is due to the launch from October 2017 of the process of phased introduction of compulsory medical insurance, within which The beneficiaries of the first stage of the social package were state employees with the financing of payments at the expense of state funds.
The upward trend was also recorded in general liability insurance - by 36.6% (against a 10-fold increase in 2017), traveling abroad - by 16.5% (against a 27.8% growth for 2017), fully comprehensive insurance - by 17, 5% (against 1.2% growth for 2017), compulsory MTPL insurance - by 15.9% (against 32.7% growth for 2017), property from other damages - by 16.5% (against growth in 2.6 times for 2017), property from fires and natural disasters - by 15% (against 21.7% growth for 2017). For the rest of the insurance classes, the annual trend of reimbursement in a downturn: cargo transportation - by 38.8% (vs. 2.1 times growth for 2017), liability from the use of land transport - by 33% (against 45.9% decline for 2017), financial damage - by 12.7% (vs. 42.5% decline for 2017).
In the reporting period, there were no fixed payments for insuring credit risks (licensed by Rosgosstrakh Armenia and Armenia Insurance), for insuring air transport and liability for its use (licensed by INGO Armenia, Rosgosstrakh-Armenia and Nairi Insurance) and water transport and liability for its use (only INGO Armenia) and guarantees provided (licensed by INGO Armenia and Rosgosstrakh-Armenia).
The largest share of payments in the compensation structure traditionally fell on compulsory motor third party liability insurance (MTPL) - 59.4% or 13.5 billion drams, against 65.8% a year earlier. The share of health insurance accounted for 30.6% of the total insurance payments, or 6.97 billion drams, against 22.7% a year earlier. In the fully comprehensive insurance segment, the amount of insurance payments reached 1.4 billion drams, or 5.9% in total insurance claims, against 6.5% a year earlier. The share of insurance of financial loss accounted for 0.9% or 210.6 million drams, against 1.4% a year earlier. For other classes, payments range from 23-163 million drams, with a minimum for land liability insurance (0.1% of total payments, against 0.2% a year earlier) and a maximum for property insurance against fires and natural disasters (0.2%, against 0.8% a year earlier).
In 2018, Armenian insurance companies recorded a total of over 300.3 thousand insurance cases, of which the majority of insurance accounted for 229.1 thousand cases. Under the insurance policy, insurers recorded 66.4 thousand insurance claims. Insurance of land transport (fully comprehensive insurance) takes the third place in the number of cases - 1.8 thousand cases. In the insurance market of Armenia, there are 2 compulsory types of insurance - MTPL and state medical care insurance.
To recall, in the insurance market of Armenia there are 6 companies that, out of the existing 19 classes, work on 17 classes of insurance, with the exception of railway transport insurance and legal and extrajudicial expenses insurance. By the largest number of classes, INGO Armenia ICs are licensed - 16 (the only one working by the water transport insurance class) and Rosgosstrakh Armenia IC - 15, followed by Nairi Insurance IC and Armenia Insurance IC - 12 classes each, RESO IC and Insurance Company "Sil Insurance" - 11 classes each. (The estimated exchange rate of the dram to the dollar as of December 31, 2018 is 483.75 dr./$ 1).