ArmInfo. At the end of 2019, the retail component dominates in the portfolio of premiums of Armenian insurers - 52.8% (26 billion drams), while the corporate share accounts for 47.2% (23.2 billion drams), versus 51.8% and 48.2%, respectively a year earlier.
According to the Financial Rating of Armenian Insurance Companies prepared by ArmInfo IC, the retail insurance market capacity has sharply accelerated annual growth from 8.4% to 22.1%, while corporate insurance growth has slowed noticeably - from 28.8% to 17.3% .
At the end of 2019, corporate insurance prevailed in the premium portfolios of only one insurer - INGO Armenia - 60.4%. And the remaining five insurers in the premium portfolios dominate the retail component: Armenia Insurance - 65.7%, RESO - 64.7%, Rosgosstrakh Armenia - 57.8%, Nairi Insurance - 55.5% and Sil Insurance - 51.8% . Moreover, the largest gap between corporate and retail insurance was recorded in Armenia Insurance IC (34.3% and 65.7% respectively) and RESO (35.3% and 64.7% respectively).
In the structure of insurance indemnities, the share of payments to retail customers accounted for 67.7% or 16.9 billion drams, corporate - 32.3% or 8.1 billion drams, which slightly differs from the figures for 2018 - 68.1% and 31.9%, respectively. At the same time, reimbursements to legal entities sharply slowed down the annual growth from 44% to 11%, while the upward trend in payments to individuals was no less significant - from 22% to 9%. The largest disproportion in indemnities between retail and corporate insurance was recorded in the reporting year with Rosgosstrakh Armenia Insurance Company - 91.2% and 8.8%, and the lowest at INGO Armenia IC - 50.8% and 49.2%. - In the structure of premiums transferred for reinsurance, the share of corporate insurance amounted to 92.1% or 7 billion drams (with a sharp acceleration of annual growth from 9% to 45%), retail - 7.9% or 593.5 million drams (with a slowdown in annual growth from 55% to 22%). A year earlier, at the end of 2018, the share of corporate insurance in premiums transferred to reinsurance was 90.8%, and retail - 9.2%. The largest disproportion between corporate and retail insurance in premiums listed for reinsurance was recorded in Armenia Insurance IC - 96.6% and 3.4%.
For the fourth quarter of 2019, Armenian insurers concluded 515081 contracts, exceeding the number of contracts a year ago by 30.4% (against 14.8% growth a year earlier). Thus, the number of insurance contracts in force on January 1, 2020 amounted to 975859 with an annual growth of 18% (against the 19.2% growth a year earlier). Among the classes, OSAGO holds the leading position in the number of concluded contracts - in the fourth quarter, 356.1 thousand, the number of existing contracts under which exceeded 570 thousand as of January 1, of the voluntary types of insurance, the most popular accident insurance, in which in the fourth quarter 92.3 thousand contracts were concluded, and the number of active ones by January 1 reached 269.8 thousand. According to the number of contracts in the OSAGO segment, IC Rosgosstrakh Armenia is the leader (173.5 thousand operating as of January 1, of which 106.4 thousand were concluded IV quarter), and the same company dominates in health insurance (about 2 thousand were concluded in the IV quarter). INGO Armenia (102.5 thousand operating as of January 1), which holds the lead and property insurance (30.2 thousand operating as of January 1), is the leader in accident insurance. According to CASCO, Nairi Insurance holds the lead (over 5.7 thousand operating as of January 1). In insurance of those traveling abroad, the leader in terms of the number of INGO Armenia contracts: 6.7 thousand effective as of January 1, 6.6 thousand concluded in the fourth quarter. In terms of the number of prisoners in the fourth quarter, IC Rosgosstrakh Armenia moved up to the first position - 139.6 thousand, displacing 126.5 thousand to the second IC INGO Armenia, and RESO IC - 74.1 thousand to the third. the fourth - Nairi Insurance IC - 72.3 thousand, the fifth - Armenia Insurance - 53.1 thousand, the sixth - Sil Insurance IC - 48 thousand. For all six companies, the MTPL dominates in the concluded agreements with a maximum of Seal Insurance and Armenia Insurance (87.2-87.3%) and INGO Armenia as a minimum (42.5%).
Recall that in the insurance market of Armenia there are 6 companies operating from the existing 20 classes of 16 each, with the exception of railway transport / liability insurance and litigation and extrajudicial expenses insurance. 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 on which are not taken into account in the results, since they are already included in the corresponding 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, followed by IC Nairi Insurance and IC Insurance Armenia - for 12 classes, IC "RESO" and IC "Force Insurance" - for 11 classes (The Forex exchange rate as of 31.12.19 formed 479,70 for 1 USD).
