Thursday, August 18 2022 12:26
Karine Melikyan

"Rossgostrakh Armenia" IC continues to lead in net insurance premiums  and claims

"Rossgostrakh Armenia" IC continues to lead in net insurance premiums  and claims

ArmInfo.. "Rossgostrakh Armenia" IC continues to lead in terms of net insurance premiums and net insurance claims. According to the data of the Financial Rating of  Insurance Companies of Armenia as of June 30, 2022, prepared by  ArmInfo, following the results of the first half of the year, the net  insurance premiums of "Rossgostrakh Armenia" IC exceeded 5.9 billion  drams ($14.6 million), and net insurance claims - 3.8 billion drams  ($9.4 million), with a y-o-y growth of the net insurance premiums by  11.3%, while the net insurance claims declined by 7.3%.

This allowed the insurance company to get out of the loss for profit, with  3.1-fold y-o-y growth.

The share of "Rossgostrakh Armenia" in the total volume of insurance  premiums on the market, accounts for 28%, and the share of the  company in total indemnities is 30%.

The most tangible y-o-y increase in fees was provided by  "Rossgostrakh Armenia" for insurance of agricultural risks  (agricultural insurance) - 2.6-fold, foreign travel (tourism  insurance) - 2.3-fold, cargo transportation - by 63.2%, general  liability - by 53%, property - by 42% and CASCO - by 40%. And the  decline in net indemnities for "Rossgostrakh Armenia" was recorded  only for financial damage insurance - with full zeroing property from  fires and natural disasters - by 72%, liability from the use of  vehicles - by 55%, and CMPTL - by 12%, while for other classes,  payments increased, and for a number of them quite significantly.

Most of the insurance premiums of "Rossgostrakh Armenia" are  concentrated on such classes as CMPTL and medical insurance (3.7-3.2  billion drams), while the predominant volume of compensation falls on  CMPTL (2.4 billion drams) and much less on medical insurance (1.2  billion drams).

The second place in terms of net insurance premiums was secured by  "Nairi Insurance" - 4.7 billion drams ($11.5 million), continuing to  occupy the third place in terms of net insurance claims - 2.5 billion  drams ($6.2 million), with a y-o-y growth of the net insurance  premiums by 20.5% with decline of the net insurance claims by 7.4%.

The third place in terms of net insurance premiums is occupied by  "INGO Armenia" IC - over 4.5 billion drams ($11.1 million), while in  terms of net insurance claims it holds the second place- 2.9 billion  drams ($7.2 million), with a y-o-y  growth of the net insurance  premiums by 21.6% with decline of the net insurance claims by 19.4%.

The fourth, fifth and sixth places in terms of net insurance premiums  continue to be occupied by the SIL Insurance, RESO and Armenia  Insurance - 2.6 billion drams, 1.9 billion drams and 1.7 billion  drams, respectively. And the indicated insurance companies occupy the  same places in terms of net insurance claims - 1.6 billion drams, 1.1  billion drams and 878.2 million drams, respectively. Of these  insurance companies, Sill Insurance and RESO provided y-o-y growth in  net insurance premiums, but at the same time, all three companies  reduced net insurance claims.

In total, the total volume of net insurance premiums of  abovementioned 6 insurance companies increased by 16% per annum - up  to 21.4 billion drams ($52.5 million), with a meager increase in net  insurance claims by 2.4% - up to 12.9 billion drams ($31.8 million).  The most significant y-o-y increase in premiums was recorded for  property insurance against fires and natural disasters - 2.3fold,  liability from the use of air transport - 3.3-fold, foreign travel  (tourism insurance) - by 85% and agricultural risks - by 48.5%, and a  significant increase in indemnities is recorded for the tourism  insurance- 8.8-fold, cargo transportation - 5.5-fold, insurance  against accidents - 2.1-fold, agricultural risks - by 84%, and  general liability - by 54.5%.

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. The agricultural risk insurance class has  been added to the IC reports since the Q2 2020, but it is not added  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) lead in licensing the largest number of classes. 

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