Wednesday, March 3 2021 14:04
Karine Melikyan

FinRating ArmInfo: Reimbursements for insurance of freight going  abroad, medical insurance and compulsory motor third party liability  insurance have gone into decline

FinRating ArmInfo: Reimbursements for insurance of freight going  abroad, medical insurance and compulsory motor third party liability  insurance have gone into decline

ArmInfo. For 2020, Armenian insurers reimbursed 23.2 billion drams or $ 44.4 million in different classes (figures are given from the reports of IC portfolios  according to the standards of the Central Bank of Armenia).

In the reporting year, insurers' indemnities decreased by 7.3%, after a  slowdown in growth in 2019 to 9.7% from 28.4% in 2018. In terms of  insurance premiums of the Armenian insurance companies, an annual  decline of 9.3% was also recorded - to 44.5 billion drams or $ 85.2  million, after accelerating growth in 2019 to 19.8% in 17.4% in 2018.  According to the Financial Rating of Insurance Companies of Armenia,  prepared by ArmInfo IC, the annual growth of payments was provided by  three companies within 2.4-9.2%, and the decline of the other three  companies turned out to be more significant - 23.5-5.5% with the  maximum for IC " INGO Armenia ", which demonstrated the maximum  growth in 2019.

By class, the deterioration of the annual trend from upward to  downward was observed in: freight insurance - 81.5% (against a  2.5-fold jump in 2019), travel insurance - 61.4% (against a 9.3%  decline in 2019 ), medical insurance - 10% (against 17.1% growth in  2019) and OSAGO - 8.8% (against 10.1% growth in 2019). Along with  them, an annual decline in the volume of payments was recorded for  general liability insurance, with a slowdown to 30.4% from 48% in  2019.

We improved the annual dynamics of payments: property insurance - up  to 22.3 times growth (against 37.3% decline in 2019), financial  damage insurance - up to 3.7 times growth (against 10.8% decline in  2019 ), accident insurance - up to 42.9% growth (from 31.1% decline  in 2019), CASCO - up to 7.7% growth (against 28.1% decline in 2019) ,  liability insurance against the use of land transport - up to 2%  (against a 74.9% decline in 2019). And for air transport insurance,  payments in 2020 were zeroed, against 120 million drams in 2019.

The list of classes for which no payments were recorded at all in the  reporting year, in addition to insurance of air transport and the  liability of its use, also includes insurance of credit risks, water  transport and liability for its use, and guarantees provided.

Rosgosstrakh-Armenia IC holds the lead in terms of the volume of  insurance payments - 7.7 billion drams.  The second place is taken by  IC "INGO Armenia" with the volume of compensations of 4.8 billion  drams.  The TOP-3 is closed by the IC "Nairi Insurance" with the  volume of payments of 3.7 billion drams. Close to them is the Seal  Insurance IC with an indicator of 3.2 billion drams. The fifth  position is occupied by RESO IC with 2.1 billion drams. And the list  of insurance companies is closed by "Armenia Insurance" IC with the  volume of payments of 1.7 billion drams.

The largest share of payments in the structure of compensations  traditionally fell on OSAGO - 58.6% or 13.6 billion drams, against  59.6% a year earlier. The share of medical insurance accounted for  31.6% of the total volume of insurance payments or 7.3 billion drams,  against 32.6% a year earlier. In the CASCO segment, the volume of  insurance payments amounted to 1.1 billion drams or 4.5% in total  insurance claims, against 3.9% a year earlier. The share of insurance  of cargo transportation decreased to 0.2% (from 1% a year earlier),  amounting to 46.2 million drams, and insurance of financial damage,  on the contrary, increased to 3.02% (from 0.8% a year earlier),  amounting to 701 million drams. For other classes, payments range  from 5.9-206 million drams, with a maximum for property insurance  against fires and natural disasters (1% of total payments, versus  0.5% a year earlier) and a minimum for liability insurance against  the use of vehicles (the same 0.02%).  In 2020, insurance companies  in Armenia recorded a total of 305.5 thousand insured events (with an  annual decline of 13.7% against 17.9% growth in 2019), of which the  majority fell on medical insurance - 238.6 thousand cases. (with an  annual decline of 12.7%). Under OSAGO, insurers recorded 64.2  thousand insured events (with an annual decline of 16.7%).  Land  transport insurance (CASCO) takes the third place in terms of the  number of cases - 1.5 thousand cases (with an annual decline of 13%),  property insurance has advanced to the fourth place - 440 cases (with  an annual growth of 3.2 times), displacing the fifth position -  insurance of people traveling abroad - 307 cases (with an annual  decline of 71.3%). There are 2 compulsory types of insurance  practiced in the insurance market of Armenia - OSAGO and medical  insurance of state employees.  It should be reminded that there are 6  companies on the insurance market of Armenia, operating out of the  available 20 classes of insurance, 17 each, with the exception of  insurance of railway transport, liability from the use of railway  transport, insurance of judicial and extrajudicial expenses.  Moreover, since 2019, at the request of the Central Bank of Armenia,  a line has been added to financial reports on the portfolio of all 6  ICs - insurance of seismic risks (against earthquakes), data on which  are also included in the corresponding classes of insurance. And  since the second quarter of 2020, a line has been added to the  portfolio financial reports - insurance of agricultural risks  (agricultural insurance), the data on which are also included in two  other classes of insurance: property against fires and natural  disasters; property from other damages. The largest number of classes  is licensed by IC "INGO Armenia" - 16 (the only one operating in the  class of water transport insurance) and IC "Rosgosstrakh Armenia" -  15. (The estimated exchange rate of the dram to the dollar as of  12/31/2020 was 522.59 AMD / $ 1).

POST A COMMENT
Input digits     


News
Will the EAEU expand? the Deputy Prime Minister of Armenia commentsWill the EAEU expand? the Deputy Prime Minister of Armenia comments
Grigoryan on Baku`s statements Grigoryan on Baku`s statements "about returning to the Zangezur  corridor" - "Even as a transport route, the issue will not be  discussed"
1000 large taxpayers of Armenia increased the volume of tax payments  by 6% per annum in the first quarter of 20211000 large taxpayers of Armenia increased the volume of tax payments  by 6% per annum in the first quarter of 2021
State agencies are on the list of large taxpayers in ArmeniaState agencies are on the list of large taxpayers in Armenia
Mher Grigoryan discussed with the EU delegation the work on  unblocking regional transportMher Grigoryan discussed with the EU delegation the work on  unblocking regional transport
Papikyan defies detractors-modernization of Metsamor NPP will be  continuedPapikyan defies detractors-modernization of Metsamor NPP will be  continued
Mher Grigoryan: The ban on the import of Turkish goods to Armenia is  likely to be extendedMher Grigoryan: The ban on the import of Turkish goods to Armenia is  likely to be extended
Mher Grigoryan: The Government of Armenia has provided financial  assistance to more than 150 thousand beneficiaries within the  framework of assistance programs for ArtsakhMher Grigoryan: The Government of Armenia has provided financial  assistance to more than 150 thousand beneficiaries within the  framework of assistance programs for Artsakh
Deputy Prime Minister Mher Grigoryan spoke with WB Regional Vice  PresidentDeputy Prime Minister Mher Grigoryan spoke with WB Regional Vice  President
Prime Minister reported on the problems in the Zangezur  Copper-Molybdenum CombinePrime Minister reported on the problems in the Zangezur  Copper-Molybdenum Combine
Ameriabank Launches Placement of New Bond Issues for USD 20 Million and AMD 5 Billion Ameriabank Launches Placement of New Bond Issues for USD 20 Million and AMD 5 Billion 
In Armenia, the number of terminated CMPTL contracts jumped 2.5 times  YoY in the first quarter of 2021 In Armenia, the number of terminated CMPTL contracts jumped 2.5 times  YoY in the first quarter of 2021 
MP from the MP from the "My Step" faction: Forecasts of the impending  depreciation of the dram have no economic basis 
Expert: Talk about the construction of a new nuclear power plant in  Armenia does not go beyond political rhetoricExpert: Talk about the construction of a new nuclear power plant in  Armenia does not go beyond political rhetoric
Ardshinbank together with Visa launched an electronic wallet within the Мobile banking appArdshinbank together with Visa launched an electronic wallet within the Мobile banking app
Melkumyan: Melkumyan: "Velvet" government failed in the modernization program of  Metsamor NPP 
Armenia`s trade sector was in decline in January-February 2021Armenia`s trade sector was in decline in January-February 2021
Revenue of the Armenian communications sector in January-February  2021 sank by 4.7% per annumRevenue of the Armenian communications sector in January-February  2021 sank by 4.7% per annum
Passenger transportation in Armenia delayed in decline due to the  coronacrisisPassenger transportation in Armenia delayed in decline due to the  coronacrisis
Get now, pay later, now the same priceGet now, pay later, now the same price
Armenia`s steel industry was in decline by March 2021Armenia`s steel industry was in decline by March 2021
Armenia reduced electricity generation by 5.8% per annum in  January-February 2021Armenia reduced electricity generation by 5.8% per annum in  January-February 2021
Expert: The Central Bank`s initiative is a signal to Expert: The Central Bank`s initiative is a signal to "money bags" or  life under the microscope
RA Issued Eurobonds Are Now Traded on Armenia Securities ExchangeRA Issued Eurobonds Are Now Traded on Armenia Securities Exchange
Armenia`s manufacturing industry continues to sinkArmenia`s manufacturing industry continues to sink
Two-year monitoring of the online labor exchange indicates the  restoration of business optimism-Vahan KerobyanTwo-year monitoring of the online labor exchange indicates the  restoration of business optimism-Vahan Kerobyan
SRC of Armenia encourages decent taxpayersSRC of Armenia encourages decent taxpayers
Converse Bank. New campaign for womenConverse Bank. New campaign for women
Pashinyan to EBRD President: The re-commissioning of transport  communications could help implement new joint projectsPashinyan to EBRD President: The re-commissioning of transport  communications could help implement new joint projects
“Evocabank” CJSC’s bonds have been listed on Armenia Securities Exchange for the first time“Evocabank” CJSC’s bonds have been listed on Armenia Securities Exchange for the first time
 Optimism of the authorities contrary to official statistics: What  will the Armenian economy face? Optimism of the authorities contrary to official statistics: What  will the Armenian economy face?
The Central Bank of Armenia announces its intention to intervene in  the foreign exchange market for the second time in 2021The Central Bank of Armenia announces its intention to intervene in  the foreign exchange market for the second time in 2021
On April 12, Ameriabank will start placing the next tranches of USD  and AMD bonds in the amount of $ 20 million and 5 billion dramsOn April 12, Ameriabank will start placing the next tranches of USD  and AMD bonds in the amount of $ 20 million and 5 billion drams
Ardshinbank and Visa offer smart Visa payment rings for the first time in ArmeniaArdshinbank and Visa offer smart Visa payment rings for the first time in Armenia
Armenia`s unemployment rate drops to 16% in 2020Armenia`s unemployment rate drops to 16% in 2020
Armenia`s SRC: The number of registered micro-entrepreneurship  entities increased by 18% Armenia`s SRC: The number of registered micro-entrepreneurship  entities increased by 18% 
The inflow of foreign investment into the Armenian economy has  declined by 39 in 2020%The inflow of foreign investment into the Armenian economy has  declined by 39 in 2020%
Ex-Minister: Creating a centralized register of bank accounts is an  attempt to adapt the Rolls-Royce engine to your own dreamEx-Minister: Creating a centralized register of bank accounts is an  attempt to adapt the Rolls-Royce engine to your own dream
Armenia`s foreign trade turnover decreased in January-February 2021  by 12.2% per annumArmenia`s foreign trade turnover decreased in January-February 2021  by 12.2% per annum
The financial regulator sees the feasibility of introducing a  centralized register of bank accountsThe financial regulator sees the feasibility of introducing a  centralized register of bank accounts
Armenia`s foreign trade turnover with the EU countries has been  delayed in declineArmenia`s foreign trade turnover with the EU countries has been  delayed in decline
Armenia`s national debt is approaching $9 billionArmenia`s national debt is approaching $9 billion
Armenia`s consumer market recorded inflation of 3.8% in Q1 2021 with  5.2% y-o-y inflation Armenia`s consumer market recorded inflation of 3.8% in Q1 2021 with  5.2% y-o-y inflation 
Up to 150 million cubic meters of Russian gas to be supplied to  Armenia through AzerbaijanUp to 150 million cubic meters of Russian gas to be supplied to  Armenia through Azerbaijan
IDBank offers the most flexible and profitable conditions for mortgage borrowersIDBank offers the most flexible and profitable conditions for mortgage borrowers
Armenia reduced exports of copper ore, increasing exports of zinc and  molybdenum concentrates and ores containing precious metalsArmenia reduced exports of copper ore, increasing exports of zinc and  molybdenum concentrates and ores containing precious metals
Russia and Brazil became the main sugar import markets for Armenia in  2020Russia and Brazil became the main sugar import markets for Armenia in  2020
EU Ambassador and Armenian NPP leadership discussed opportunities for  expanding cooperationEU Ambassador and Armenian NPP leadership discussed opportunities for  expanding cooperation
Deputy Minister: Unblocking of economic ties and transport  communications in the South Caucasus is beneficial to all partiesDeputy Minister: Unblocking of economic ties and transport  communications in the South Caucasus is beneficial to all parties
Moscow plans to discuss the prospects of creating logistics centers  for groupage cargo from ArmeniaMoscow plans to discuss the prospects of creating logistics centers  for groupage cargo from Armenia
Ardshinbank upgrades its branches in Hrazdan and DilijanArdshinbank upgrades its branches in Hrazdan and Dilijan
Armenia`s gross international reserves exceeded $3 billion for the  first time with a 33% jump in FebruaryArmenia`s gross international reserves exceeded $3 billion for the  first time with a 33% jump in February
Armenia and Malta move to eliminate double taxationArmenia and Malta move to eliminate double taxation
Armenian tax officials report over-fulfillment of quarterly tax  collection plan: Finance Ministry promises to take new heightsArmenian tax officials report over-fulfillment of quarterly tax  collection plan: Finance Ministry promises to take new heights
New WB forecast: Armenia ranks second in terms of GDP growth in 2021  among the EAEU countries, and at the rate of 2022 it shares the lead  with KyrgyzstanNew WB forecast: Armenia ranks second in terms of GDP growth in 2021  among the EAEU countries, and at the rate of 2022 it shares the lead  with Kyrgyzstan
New forecast of the Central Bank of Armenia for 2021: GDP growth by  1.4%, export growth by 1-3%, import decline 2-4%, unemployment rate  18.6%New forecast of the Central Bank of Armenia for 2021: GDP growth by  1.4%, export growth by 1-3%, import decline 2-4%, unemployment rate  18.6%
Telecom Armenia summed up the results of the <Coding skills> project Telecom Armenia summed up the results of the project 
The Armenian Stock Exchange is once again recognized as the The Armenian Stock Exchange is once again recognized as the "Best  Stock Exchange in the South Caucasus"
World Bank improves Armenia`s GDP growth forecast for 2021 to 3.4%World Bank improves Armenia`s GDP growth forecast for 2021 to 3.4%
The Central Bank of Armenia predicts an increase in the net inflow of  private transfers in the range of 7-9 in 2021%The Central Bank of Armenia predicts an increase in the net inflow of  private transfers in the range of 7-9 in 2021%
Read more


Exchange rates
16.04.2021
RUB6.890.10
USD522.201.00
EUR625.491.20
GBP719.540.96
CAD417.530.34
JPY47.980.06
CNY79.980.16
CHF568.043.05