ArmInfo. The share of the corporate component in the premium portfolios of Armenian insurers in Q1 2022 exceeds the retail component - 65.5% (13.3 billion drams) and 34.5% (7 billion drams), almost repeating the figures of a year ago - 64.9% and 35 .1% respectively.
According to the Financial Rating of Insurance Companies in Armenia, prepared by ArmInfo IC, the capacity of the retail insurance market has sharply accelerated growth to 22% from a meager 1.4% a year earlier, which was also observed in the dynamics of corporate insurance- from 4.5% to 25.4%.
According to the results of Q1 2022, the premium portfolios of five companies are dominated by corporate insurance, and only RESO IC is dominated by retail. The largest gap between corporate and retail insurance remains with "INGO Armenia" IC - 78.8% against retail 21.2%, and the smallest gap with "Sil Insurance" - 51.6% against retail 48.4%. And only IC "RESO" is dominated by the retail component - 65.2% against corporate 34.8%. A year earlier, for Q1 2021, INGO Armenia (75.1%) also showed the largest dominance of the corporate portfolio in terms of premiums, and RESO IC (55.3%) was the only one with a dominant retail component.
The share of payments to retail clients in the structure of insurance claims in Q1 2022, accounted for 67.2% or 4.1 billion drams, corporate - 32.8% or 1.99 billion drams, against 64.8% and 35.2%, a year earlier, respectively. At the same time, the dynamics of compensations for both legal entities and individuals turned towards a decline by 19% and 10%, respectively, against an increase a year earlier in both cases by 23% and 3%. During the reporting quarter, only one insurance company in the reimbursement portfolio was dominated by the corporate component - INGO Armenia (58.9%), while the remaining five had a retail component (with a maximum of 92.2% for Rosgosstrakh Armenia), while a year earlier, there were three insurance companies with a corporate dominant in reimbursements, and the maximum was also recorded by INGO Armenia (53.7%), and the maximum retail dominant, as now, was with Rosgosstrakh Armenia (89.6%).
The share of corporate insurance in the structure of premiums transferred for reinsurance in Q1 2022 amounted to 81% or 3.2 billion drams (with an acceleration of y-o-y growth from 26% to 50%), and retail insurance - 19% or 757.7 million drams (with a 2.6-fold slowdown y-o-y growth to 56%), against 81.6% and 18.4%, a year earlier, respectively. The largest dominance of the corporate component in the premiums transferred for reinsurance was recorded by "Armenia Insurance" - 97.4% against retail 2.6%, and only "Sil Insurance" dominates the retail component - 59%. A year earlier, Rosgosstrakh Armenia IC showed the largest gap between the corporate component and the retail component - 95% versus 5%, and the smallest - Sil Insurance - 65.1% versus 34.9%.
Armenian insurers concluded 422,049 contracts in Q1 2022, which is 4.3% more than the number of contracts a year ago (against a 4.1% decline a year earlier). Thus, the number of insurance contracts in force as of April 1, 2022 amounted to 811,844 with an acceleration of the y-o-y decline to 10.6% (from 8.9% a year earlier). Among the classes, the leading position in terms of the number of concluded contracts is held by CMPTL - in Q1 257.6 thousand, the number of valid contracts under which by April 1 exceeded 552 thousand.
The most common of the voluntary types of insurance is accident insurance, for which 61.4 thousand were concluded in Q1, the number of valid contracts by April 1 exceeded 159.7 thousand. In terms of demand, the next place is occupied by medical insurance, according to which the number of contracts signed in Q1 reached 59.6 thousand, and the number of valid contracts by April 1 was 10.5 thousand.
In terms of the number of contracts valid by April 1 in the CMPTLsegment, Rosgosstrakh Armenia IC is leading - 166.9 thousand (of which 78.2 thousand were concluded in Q1), which holds the lead in terms of the number of contracts in the medical insurance segment as well - 36 thousand ( and all are concluded in Q1). INGO Armenia is the leader in the number of contracts in the accident insurance segment - 72.5 thousand as of April 1 (of which 36.7 thousand were signed in Q1). INGO Armenia is also leader in CASCO (5.7 thousand valid contracts as of April 1, of which 1.3 thousand were concluded in Q1).
As for the insurance for travelers abroad, the most contracts were sign by "Rosgosstrakh Armenia" IC, which had 2.2 thousand active contracts by April 1, of which 1.7 thousand were signed in Q1.
In terms of the number of contracts concluded in Q1, Rosgosstrakh Armenia IC occupies the first place- 135.4 thousand, the second - INGO Armenia IC - 86.3 thousand, the third - Nairi Insurance IC - 71.5 thousand, the fourth - "Sil Insurance" - 54.3 thousand, the fifth - "RESO IC " - 51.2 thousand, the sixth - "Armenia Insurance" - 23.4 thousand. OSAGO with a maximum for Armenia Insurance (88%) and a minimum for INGO Armenia (40.7%). CMTPL dominates the contracts in all six companies, "Armenia Insurance" (88%) with the highest score, INGO Armenia (40.7%) with the lowest
It is noteworthy that the largest growth in contracts concluded in Q1 was recorded in travel insurance - 2.5- fold t (with a 60.5% decline a year earlier). And the largest y-o-y decline in the number of contracts concluded in the reporting quarter was recorded for air transport insurance (by 33.3%), and along with this class, a reduction in contracts was recorded for accident insurance (by 19%), CASCO (by 13%), medical insurance (by 7.2%), property insurance (by 4%), and financial insurance (by 0.2%).
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. "INGO Armenia" IC - 16 and "Rosgosstrakh Armenia" IC - 15 are licensed with the largest number of classes.
