Wednesday, May 4 2022 18:30
Karine Melikyan

"Rossgostrakh Armenia" IC holds lead in net insurance premiums

"Rossgostrakh Armenia" IC holds lead in net insurance premiums

ArmInfo. "Rossgostrakh Armenia IC " holds the lead in net insurance premiums, while continuing to lead in net insurance claims as well. This is evidenced by the data of the  Financial Rating of Insurance Companies of Armenia as of March 31,  2022, prepared by ArmInfo IC, based on the results of the first  quarter.

Net insurance premiums of "Rossgostrakh Armenia" IC exceeded 2.9  billion drams ($6.1 million), and net insurance claims - 1.8 billion  drams ($3.7 million), with a y-o-y growth of net insurance premiums  by 9%, and  with decrease of net insurance claims by 11.5%. This  allowed the insurance company to get out of the loss for profit, with  a 2.5-3.3-fold y-o-y and quarterly growth. . The market share of IC  "Rossgostrakh Armenia" in the total volume of insurance premiums is  30%, and the share of the company in the total indemnities exceeds  31%.  The most significant increase in the annual payments of  "Rosgosstrakh Armenia" was ensured by the general liability insurance  - 2.3 times, The most significant increase in the y-o-y payments of  "Rossgostrakh Armenia" IC was provided by general liability insurance  - 2.3-fold, tour insurance- by 88%, insurance of agricultural risks -  by 65%, CASCO - by 59% and cargo transportation insurance - by 47%.  And the most significant decline in net indemnities of "Rossgostrakh  Armenia" IC was recorded by property insurance against fires and  natural disasters - by 73.6%, CASCO - by 47.5%, liability from the  use of vehicles - by 37%, at the same time, indemnities for travel  insurance increased significantly - 183-fold, cargo transportation  insurance - 40fold, general liability - 4-fold, agricultural  insurance - 2-fold.

Most of the insurance premiums of "Rossgostrakh Armenia" IC are  concentrated on such classes as CMPTL and medical insurance, and in  reimbursements, the dominant volume falls on CMPTL.

"Nairi Insurance" is in the second place in terms of net insurance  premiums- more than 2.2 billion drams ($ 4.6 million), while  continuing to occupy the third place in terms of net insurance claims  - 1 billion drams ($2.1 million), with a y-o-y growth of the net  insurance premiums by 15.8%  and with a decline in the net insurance  claims by 16.7%.

"INGO Armenia" IC occupies the third place in terms of net insurance  premiums- more than 2.1 billion drams ($4.4 million), while holding  the second place in terms of net insurance claims - 1.4 billion drams  ($2.9 million), with the same y-o-y growth of both indicators by  16.7%.

The fourth, fifth and sixth places in terms of net insurance premiums  continue to be occupied by the "Sil Insurance", "RESO" IC and Armenia  Insurance - 1.2 billion drams, 961.8 million drams and 845.9 million  drams, respectively. And the indicated insurance companies occupy the  same places in terms of net insurance claims - 759.8 million drams,  581.7 million drams and 447.1 million drams, respectively. Of these  companies, "Sil Insurance" and "RESO" IC provided y-o-y growth in net  insurance premiums, but at the same time, all three companies reduced  net insurance claims.

It should be noted that there are 6 companies operating in the  insurance market of Armenia, which work on 17 out of the available 20  classes of insurance, with the exception of insurance of railway  transport and liability from its use, insurance of legal and  extrajudicial expenses.

Since Q2 2020, a class of agricultural risk insurance has been added  to the IC reports, but it is not summed up to the final indicator,  since it is taken into account in two other types of insurance:  property from fires and natural disasters, property from other  damages. 

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