Friday, November 15 2019 18:13
Karine Melikyan

Y-o-y growth in insurance claims for CMTPL and medical insurance  slows down

Y-o-y growth in insurance claims for CMTPL and medical insurance  slows down

ArmInfo. For 9 months of 2019,  the Armenian insurers reimbursed 18.2 billion drams or $ 38.2 million  in various classes (the figures are given from the reports of  Insurance Companies portfolios according to the standards of the  Central Bank of the Republic of Armenia). In y-o-y terms,  reimbursements of insurers increased by 9.9%, against growth by 37.9%  a year earlier.

At the same time, a y-o-y growth of 19.7% was  recorded in insurance premiums of the Armenian insurance companies -  up to 36.5 billion drams or $ 76.7 million, against the growth of  24.3% a year earlier. According to the Financial Rating of the  Armenian Insurance Companies prepared by ArmInfo IC, five companies  ensured y-o-y growth of payments (according to the reports of the IC  portfolios in line with the standards of the Central Bank of  Armenia), the largest of which was recorded by INGO Armenia IC - by  19.3%.

In terms of insurance classes, the largest y-o-y growth in payments  was recorded for freight insurance - 3.2 fold (against a decline of  17.9% a year earlier). After this class in terms of y-o-y growth  rates of indemnities, the following types of insurance follow:  medical insurance - 15.8% (against growth by 97.7% a year earlier)  and compulsory motor third-party liability insurance (CMTPL) - 11.1%  (against growth by 21.6% a year earlier).

The deterioration in the y-o-y dynamics of payments from growth to  recession was recorded for: accident insurance - 43.4% (against  growth 2.5-fold a year earlier), insurance for people traveling  abroad - 8.8% (against 21.4% growth a year earlier), property  insurance - 47.1% (against the growth several times a year earlier),  hull insurance - 22.2% (against the growth by 11% a year earlier),  general liability insurance - 52.4% (against the growth of 17, 3-fold  a year earlier).

Y-o-y trend of reimbursements remained in decline on two types of  insurance, moreover the dynamics of decline accelerated: on liability  insurance from the use of land transport - from 31.5% to 73.4%, on  financial insurance - from 12.7% to 36.1%.

No payments at all were 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 - 5.3  billion drams. The second place is occupied by INGO Armenia IC with a  volume of indemnities of 4.7 billion drams. TOP-3 closes Nairi  Insurance IC with a payout volume of 3.2 billion drams. Sil Insurance  goes next with an indicator of 2.4 billion drams. The fifth position  is occupied by RESO IC with an indicator of 1.5 billion drams. And  Armenia Insurance IC closes the list of insurance companies with the  volume of payments of 1.1 billion drams.

The largest share of payments in the structure of indemnities  traditionally fell to compulsory motor liability insurance - 59.5% or  10.8 billion drams, against 58.9% a year earlier. Health insurance  accounted for 32.2% of the total amount of insurance payments or 5.8  billion drams, against 30.6% a year earlier. In the CASCO segment,  the amount of insurance payments amounted to 702.6 million drams or  3.9% of the total insurance indemnities, against 5.5% a year earlier.  Cargo insurance accounted for 1.2% or 225.2 million drams (against  0.4% a year earlier), and financial insurance - 0.7% or 134.6 million  drams (against 1.3% a year earlier). In other classes, payments range  from 5.5-119.9 mln drams, with a maximum for insurance of air  transport (0.7% of total payments, against 0% a year earlier) and a  minimum for insurance of liability for using vehicles (0.03%, against  0 , 1% a year earlier).

Over the 9 months of 2019, Armenian insurance companies recorded a  total of 252.8 thousand insurance cases (with a y-o-y growth of  16.7%), of which most of them fell to medical insurance - 194.9  thousand cases. On CMTPL type, insurers recorded 55.2 thousand  insured events. The insurance of land transport (CASCO) by the number  of cases takes the third place - 1.3 thousand cases, and the fourth  place - insurance of people traveling abroad - 828 cases. 2 mandatory  types of insurance are practiced in the Armenian insurance market-  CMTPL and medical insurance of state employees.

To recall, there are 6 companies operating in the insurance market of  Armenia working on 17 types out of 20 insurance classes, with the  exception of railway transport insurance, liability from the use of  railway transport, insurance of legal and extrajudicial expenses.  Moreover, since 2019, in the financial reports on the portfolio of  all 6 insurance companies, at the request of the Central Bank of the  Republic of Armenia, a line of insurance of seismic risks (from  earthquakes) was added, the data for which, although separately  indicated, is not included in the results, since they are already  included in the corresponding insurance classes. The largest number  of classes are licensed by IC INGO Armenia - 16, and IC Rosgosstrakh  Armenia - 15. (Estimated exchange rate of dram to dollar as of Sep  30, 2019 amounted to 475.97 AMD./$ 1).

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