Thursday, August 1 2019 19:03
Karine Melikyan

Annual growth in insurance premiums for OSAGO and health insurance is  slowing

Annual growth in insurance premiums for OSAGO and health insurance is  slowing

ArmInfo. In the first half of 2019, Armenian insurers reimbursed AMD 11.9 billion or $ 24.9 million for different classes (the figures are given from the reports of UK  portfolios according to the standards of the Central Bank of the  Republic of Armenia).

In annual terms, reimbursements of insurers  increased by 9.8%, against growth by 34.9% a year earlier. At the  same time, an annual growth of 19.7% was recorded in insurance  premiums of the Armenian insurance companies - up to 26.4 billion  drams or $ 55.3 million, against an increase of 29.6% a year earlier.  According to the Financial Rating of Armenian Insurance Companies  prepared by ArmInfo IC, five companies provided the annual growth in  payments (according to the reports of IC portfolios according to the  standards of the Central Bank of Armenia), with the largest at  Rosgosstrakh Armenia - by 18.5%.

Disaggregated by insurance classes, the largest annual growth in  payments was recorded for freight insurance - 5.4 times (against a  decline of 46.4% a year earlier). After this class, according to the  annual growth rates of indemnities, the following ones follow:  accident insurance - 22.1% (against growth by 47.2% a year earlier),  compulsory motor liability insurance - 13.4% (against growth by 20.6%  a year earlier), medical insurance - 11.2% (against growth of 92.4% a  year earlier), insurance for those traveling abroad - 1.2% (against  46.8% of growth a year earlier).

The deterioration in the annual dynamics of payments from growth to  recession was recorded for: property insurance against other damages  - 91.4% (against growth 17 times a year earlier), property insurance  against fires and natural disasters - 59% (against growth by 6.2% a  year) earlier), general liability insurance - 83.8% (against growth  21 times a year earlier). And in the recession delayed, and with a  significant acceleration in pace, payments on: liability insurance  from the use of land transport - from 34.8% to 70.9%, financial  damage insurance - from 6.7% to 49.9%, and on hull insurance - from  1.2% to 16.7%.  In general, there were no payments recorded during  the reporting period on credit risk insurance, on liability insurance  against the use of air transport, water transport and the liability  for its use, and the guarantees provided.

Rosgosstrakh-Armenia IC holds the lead in insurance payments - 3.5  billion drams. The second place is occupied by INGO Armenia IC with a  volume of compensations of 2.9 billion drams. TOP-3 closes Nairi  Insurance IC with a payout of 2.1 billion drams. Close to them is the  IC Insurance Force with an indicator of 1.6 billion drams. The fifth  position is taken by RESO IC with an indicator of 970.1 million  drams. And the Armenia Insurance IC closes the list of insurance  companies with a volume of payments of 773.5 million drams.

The largest share of payments in the structure of indemnities  traditionally fell to compulsory motor liability insurance - 59.97%  or 7.1 billion drams, against 58.06% a year earlier. Health insurance  accounted for 30.62% of total insurance payments, or 3.6 billion  drams, against 30.24% a year earlier. In the CASCO segment, the  amount of insurance payments amounted to 498.9 million drams, or 4.2%  of the total insurance indemnities, against 5.54% a year earlier. Air  transport insurance accounted for 1.01% or AMD 119.9 million, against  0% a year earlier, and cargo transportation insurance - 1.83% or AMD  217.9 million, against 0.37% a year earlier. In other classes,  payments range from 4.4-53.9 million drams, with a maximum for  insurance traveling abroad (0.45% of total payments, against 0.49% a  year earlier) and a minimum for liability insurance for using  vehicles (0.04 %, against 0.14% a year earlier).  In the first half  of 2019, Armenian insurance companies recorded a total of 155.3  thousand insured events (with annual growth of 14.2%), of which the  majority accounted for medical insurance - 117.2 thousand cases.  Under the CTP line, insurers recorded 36.5 thousand insured events.  The insurance of land transport (CASCO) by the number of cases takes  the third place - 870 cases, and in the fourth place - insurance of  people traveling abroad - 380 cases. 2 mandatory types of insurance  are practiced in the Armenian insurance market - CTP and medical  insurance of state employees.

Recall that in the insurance market of Armenia there are 6 companies  operating from the existing 20 classes of 17, with the exception of  railway transport insurance / liability from use and insurance of  legal and extrajudicial expenses. Moreover, from 2019 in the  financial reports on the portfolio of all 6 insurance companies at  the request of the Central Bank of Armenia was added a line of  seismic risk insurance (against earthquakes), the data on which,  although separately stated, are not included in the results, since  they are already included in the relevant insurance classes. In the  largest number of classes, IC "INGO Armenia" is licensed - 16 (the  only one operating in the class of water transport insurance) and IC  "Rosgosstrakh Armenia" - 15. (Estimated AMD / USD exchange rate for  06/30/19 equal to 477.11 dr. / $ 1). 

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