Monday, April 29 2019 17:51
Karine Melikyan

Following the results of the first quarter of 2019, in the insurance  market of Armenia, the corporate component dominates in premiums, and  retail

Following the results of the first quarter of 2019, in the insurance  market of Armenia, the corporate component dominates in premiums, and  retail

ArmInfo. The share of retail insurance in the portfolios of premiums of Armenian insurers in the first quarter of 2019 amounted to 34.2% (5.6 billion drams),  corporate - 65.8% (10.9 billion drams), against 36.8% and 63.2%  respectively a year earlier.

According to the data of the Financial Rating of insurance companies of Armenia, prepared by ArmInfo IC, the retail insurance market capacity accelerated annual growth to 9% from 4.4% in the first quarter of 2018, along with which the growth of  corporate insurance slowed down impressively - to 22.3% from 94.5 %  in the first quarter of 2018In the first quarter of 2019, corporate  insurance prevails in the premium portfolios of all insurers, with  the exception of RESO, whose retail insurance prevails - 53.2%.

 The largest disproportion between corporate and retail insurance was  recorded in INGO Armenia (74.8% and 25.2%) and Sil Insurance (70.5%  and 29.5%). The remaining three companies have a moderate  disproportion between corporate and retail insurance: IC  "Rosgosstrakh Armenia" - 63.3% and 36.7%, IC "Nairi Insurance" -  59.9% and 40.1%, IC "Armenia Insurance" 52.4% and 47.6%.In the  structure of insurance claims, the share of payments to retail  customers accounted for 70.1% or 4.2 billion drams, corporate - 29.9%  or 1.8 billion drams, against 64.3% and 35.7% a year earlier,  respectively. At the same time, reimbursement to legal entities  launched the annual dynamics from 96% growth in I quarter of 2018 to  the 13% decline in I quarter of 2019, with a slight slowdown in the  upward trend of payments to individuals - from 17% to 14%. The  largest disproportion in reimbursement between retail and corporate  insurance was fixed at Rosgosstrakh Armenia insurance company - 89.2%  and 10.8%, and the smallest one at RESO insurance company - 52.5% and  47.5%.  In the structure of premiums listed for reinsurance, the  share of corporate insurance was 95.6% or 2.7 billion drams (with an  acceleration of annual growth from 10% to 2.7 times), retail - 4.4%  or125.3 million drams (with a slowdown in annual growth from 90% to  30%). A year earlier, in the first quarter of 2018, the share of  corporate insurance in premiums listed for reinsurance was 8.7%, and  retail insurance - 91.3%.  The largest disproportion between  corporate and retail insurance in the premiums listed for reinsurance  was recorded at Armenia Insurance - 98.4% and 1.6%.Armenian insurers  for the first quarter of 2019 concluded 418,693 contracts, exceeding  the number of contracts a year ago by 24.8%. Thus, the number of  insurance contracts valid on April 1, 2019 was 926191 with an annual  growth of 22.8%. Among classes, the leading position in terms of the  number of contracts held by CTP is in the first quarter over 251.5  thousand, the number of existing contracts under which as of April 1  reached 493.2 thousand. Of the voluntary types of insurance, the most  in-demand insurance is accidents, in the first quarter, 71.6 thousand  contracts were concluded, and the number of contracts valid on April  1 reached 270.4 thousand. By the number of contracts in the OSAGO  segment, the insurance company Rosgosstrakh Armenia is leading (132.3  thousand in force on April 1, of which 65.8 thousand were concluded  in the first quarter), and the same com Ania was dominated by health  insurance (35.1 thousand. operating on 1 April). INGO Armenia is the  leader in accident insurance (143.8 thousand operating on April 1),  holding the championship and property insurance (24.9 thousand  operating on April 1). On hull insurance took Nairi Insurance (3.5  thousand operating on April 1). Rosgosstrakh Armenia and INGO Armenia  are leading in terms of insurance for traveling abroad with almost  the same number of contracts in force on April 1, respectively 4.8  thousand and4.6 thousand, but INGO Armenia leads in prisoners in the  first quarter -4.1 thousand versus 3.02 thousand for Rosgosstrakh  Armenia.  By the number of contracts concluded in the first quarter,  Rosgosstrakh Armenia took the lead - 126.2 thousand, displacing IC  INGO Armenia to the second position - 114.9 thousand, and Sil  Insurance Insurance advanced by the third- 52.7 thousand, pushing  aside the fourth SK "Nairi Insurance" - 52.3 thousand, on the fifth  SK "RESO" was fixed - 44.7 thousand, and closes the list Armenia  Insurance - 27.9 thousand. All six companies dominant in the  concluded contracts accounted for OSAGO with a maximum of Armenia  Insurance (82.7%) and a minimum of Rosgosstrakh Armenia  (52.2%).Recall that in the insurance market of Armenia there are 6  companies that of the existing 20 classes operate in 18, with the  exception of railway transport insurance and legal and extrajudicial  expenses insurance.  Recall that in the insurance market of Armenia  there are 6 companies that of the existing 20 classes operate in 18,  with the exception of railway transport insurance and legal and  extrajudicial expenses insurance.  Moreover, since 2019, seismic risk  insurance (against earthquakes) has been involved, for which all 6  insurance companies are licensed. By the largest number of classes,  INGO Armenia ICs are licensed - 17 (the only one working in the water  transport insurance class) and Rosgosstrakh Armenia IC - 16, followed  by Nairi Insurance IC and Armenia Insurance IC - 13 classes each, SK  RESO and Insurance Company "Sil Insurance" - 12 classes each.  (Estimated dram rate to dollar on 03/31/19 is 486.44 dr. / $ 1). 

POST A COMMENT
Input digits     


News
At request of Belarusian partners, Armenian inspectors to check  Ararat Brandy Factory products At request of Belarusian partners, Armenian inspectors to check  Ararat Brandy Factory products 
Syunik governor not familiar with details of residential house  construction project in ShurnukhSyunik governor not familiar with details of residential house  construction project in Shurnukh
Water tariff to not change in Armenia in 2024 at expense of subsidies  from state treasuryWater tariff to not change in Armenia in 2024 at expense of subsidies  from state treasury
Armenia`s gross international reserves even farther from historical  maximumArmenia`s gross international reserves even farther from historical  maximum
Armenia to take out EUR 92.3mln from WB to cover budget deficit  Armenia to take out EUR 92.3mln from WB to cover budget deficit  
Armenia, Kazakhstan to establish joint business club  Armenia, Kazakhstan to establish joint business club  
Bolat Imanbayev: Armenia-Kazakhstan trade and economic relations are  developing dynamically; nevertheless, they do not reflect  countries`  full economic potentialBolat Imanbayev: Armenia-Kazakhstan trade and economic relations are  developing dynamically; nevertheless, they do not reflect  countries`  full economic potential
Kazakhstan offers Armenia to consider new alternative logistics routeKazakhstan offers Armenia to consider new alternative logistics route
Dependence of Armenia`s economic activity on jewelry industry could  cause problems - Luys FoundationDependence of Armenia`s economic activity on jewelry industry could  cause problems - Luys Foundation
AraratBank places its 27th issue of dollar bondsAraratBank places its 27th issue of dollar bonds
Viva-MTS changes its company name to Viva ArmeniaViva-MTS changes its company name to Viva Armenia
Deputy Minister of Economy: Armenia-Russia cooperation potential may  be realized through cooperation projects in production sectorDeputy Minister of Economy: Armenia-Russia cooperation potential may  be realized through cooperation projects in production sector
Team Systems contributes to smart technology development Team Systems contributes to smart technology development 
Who will be beneficiaries of tax amnesty in ArmeniaWho will be beneficiaries of tax amnesty in Armenia
Belarus bans import of Ararat Brandy Company products Belarus bans import of Ararat Brandy Company products 
5 000 dram Bonus from IDBank for Pension Card Holders5 000 dram Bonus from IDBank for Pension Card Holders
Armenia`s public debt reaches $12 billionArmenia`s public debt reaches $12 billion
Price index of industrial products is decreasing in ArmeniaPrice index of industrial products is decreasing in Armenia
Industrial sector driver of economic activity in Armenia Industrial sector driver of economic activity in Armenia 
Armenian CB issue s new collector coins Armenian CB issue s new collector coins 
99.8% defense budget performance in 202399.8% defense budget performance in 2023
IDBank issues the 1st tranche of dollar bonds of 2024IDBank issues the 1st tranche of dollar bonds of 2024
AFD delegation presented with details of Vedi reservoir construction  and irrigation network modernization projectAFD delegation presented with details of Vedi reservoir construction  and irrigation network modernization project
Parliamentarian: Armenia attaches great importance to using  opportunities of digital transformationParliamentarian: Armenia attaches great importance to using  opportunities of digital transformation
DPM: we need not only quantitative increase, but also qualitative  changes in urban development field DPM: we need not only quantitative increase, but also qualitative  changes in urban development field 
​​​​​​​IDBank as a Participant in the Conference of My Forest Armenia NGO​​​​​​​IDBank as a Participant in the Conference of My Forest Armenia NGO
ENA bonds quotation in volume of AMD 32 billion to start on AMX from  March 27ENA bonds quotation in volume of AMD 32 billion to start on AMX from  March 27
Switzerland launches SIGMA program with total budget of CHF 12  million Switzerland launches SIGMA program with total budget of CHF 12  million 
Armenia`s State Revenue Committee launches e-system of income  statement presentation  Armenia`s State Revenue Committee launches e-system of income  statement presentation  
Armenia`s ranking in Index of Economic Freedom decreased by 0.2 pp  over yearArmenia`s ranking in Index of Economic Freedom decreased by 0.2 pp  over year
France to sponsor establishment of cheese-making school in Armenia`s  Tavush France to sponsor establishment of cheese-making school in Armenia`s  Tavush 
The South Caucasus Railway will suspend the sale of tickets using MIR cards The South Caucasus Railway will suspend the sale of tickets using MIR cards
Azerbaijan continues attempts to Azerbaijan continues attempts to "hit" Armenian nuclear power plant
Armswissbank participates in gcf regional dialogue in skopjeArmswissbank participates in gcf regional dialogue in skopje
IDBank issues the 1st tranche of dollar bonds of 2024IDBank issues the 1st tranche of dollar bonds of 2024
Extending ANPP`s lifetime until 2036 will lay solid foundation for  smooth transition to new power unit - Pashinyan at Nuclear Energy  SummitExtending ANPP`s lifetime until 2036 will lay solid foundation for  smooth transition to new power unit - Pashinyan at Nuclear Energy  Summit
Armenia`s government approves order of quality prize awards Armenia`s government approves order of quality prize awards 
International Client’s Day at IDBankInternational Client’s Day at IDBank
Germany to provide loan for Armenia`s renewable energy sector Germany to provide loan for Armenia`s renewable energy sector 
2023 lending growth insufficient to prevent decline in profits -  Financial Rating of Banks of Armenia2023 lending growth insufficient to prevent decline in profits -  Financial Rating of Banks of Armenia
Iran interested in cooperating with Armenia in mining industry Iran interested in cooperating with Armenia in mining industry 
Armenian government plans to introduce SAFE format Armenian government plans to introduce SAFE format 
Service of Armenian ArCa cards in Russia and of Russian MIR cards in  Armenia to be suspended Service of Armenian ArCa cards in Russia and of Russian MIR cards in  Armenia to be suspended 
Termination of service of MIR cards. IDBankTermination of service of MIR cards. IDBank
Economic modernization programme portfolio AMD 228bln as of March 1,  2024Economic modernization programme portfolio AMD 228bln as of March 1,  2024
Mobile trade regulations to be in effect throughout Armenia Mobile trade regulations to be in effect throughout Armenia 
Official cites financial reasons for suspension of Fly Arna airline  operation Official cites financial reasons for suspension of Fly Arna airline  operation 
Subsidiary of Public TV of Armenia to have right to nationwide  broadcasting  Subsidiary of Public TV of Armenia to have right to nationwide  broadcasting  
About 700 Armenian heavy cargo trucks waiting to pass through Upper  LarsAbout 700 Armenian heavy cargo trucks waiting to pass through Upper  Lars
Armenian Economy Ministry, several U.S. government departments form  specific action program Armenian Economy Ministry, several U.S. government departments form  specific action program 
Public TV`s First News Channel to be broadcasted not only in Yerevan,  but also throughout countryPublic TV`s First News Channel to be broadcasted not only in Yerevan,  but also throughout country
Ardshinbank cardholders can now enjoy a 10% cashback!Ardshinbank cardholders can now enjoy a 10% cashback!
“G20/OECD Principles of Corporate Governance” workshop“G20/OECD Principles of Corporate Governance” workshop
ECC, EDB to coordinate funding of joint projects ECC, EDB to coordinate funding of joint projects 
Broadcasting of Russian TV channels to be discussed in Moscow soon Broadcasting of Russian TV channels to be discussed in Moscow soon 
Armenia to host World Wine Tourism Conference,Armenia to host World Wine Tourism Conference,
CBA forecasts 5.5% or 6.4% GDP growth for 2024 depending on inflation  rate  CBA forecasts 5.5% or 6.4% GDP growth for 2024 depending on inflation  rate  
Three Sad Stories about FraudstersThree Sad Stories about Fraudsters
Rafayel Gevorgyan: Armenia`s economic growth potential is 6%Rafayel Gevorgyan: Armenia`s economic growth potential is 6%
TEAM already has over 1 million mobile subscribersTEAM already has over 1 million mobile subscribers
Read more


Exchange rates
28.03.2024
RUB4.270.00
USD394.46-0.25
EUR425.62-1.93
GBP497.65-0.91
CAD290.11-0.27
JPY26.06-0.05
CNY54.57-0.05
CHF435.72-0.13