ArmInfo. Insurance companies in Armenia receive profits through insurance mainly from CMPTL and medical insurance - 8.1-7.6 billion drams, to a slightly lesser extent from property insurance, CASCO, accident insurance - 3.6-1.3 billion drams.
This is evidenced by the data of the IC portfolio reports according to the standards of the Central Bank of the Republic of Armenia, provided by ArmInfo for the preparation of the "Financial Rating of Insurance Companies of Armenia as of September30, 2022" which provides a comprehensive overview of each of the insurance classes involved.
Insurance companies receive slightly less profit from general liability insurance, cargo transportation and travel insurance - 978.7-728.4 million drams. Much lower - in the line of liability insurance from the use of vehicles - 103.7 million drams.
According to FinRating, for other classes of insurance, due to the absence of indemnifications during the reporting period, the profit from the line of insurance was formed purely at the expense of collected premiums. Thus, 494 million drams of premiums were collected for aviation insurance, 788.3 million for financial damage insurance, and 65.5 million drams for credit risk.
The largest y-o-y growth in profits in the line of these classes was recorded for property insurance (2.1- fold) , general liability ( 67.2%), travel insurance (61%), and slightly less in CMPTL (53%). Then, in terms of the growth rate of this indicator, they are followed by CASCO - by 36.4%, medical insurance - by 33.3%, cargo transportation insurance - by 29.3%, liability from the use of motor vehicles - by 17.6%, and a very meager increase in profits is recorded for accident insurance - 1%.
As for other classes, profits of which were formed purely due to premiums, the largest y-o-y growth was recorded in aviation insurance - 2.6-fold, while in financial damage insurance this indicator increased by a modest 10.3%. Credit risk insurance premiums decreased by 21.4%.
Among the classes there are relatively later introduced subspecies - insurance of seismic risks (against earthquakes) and insurance of agricultural risks (agricultural insurance), the data on which in addition to a separate note in the financial reports of ICs, are also included in the relevant classes of insurance (property from fires, natural disasters, other damages) . Of these subspecies, the profit from seismic risk insurance is formed, due to the lack of compensation, purely at the expense of premiums, which increased by 20.3% year-on-year, and for agricultural insurance, this time the prevalence of compensation over premiums led to a 3-fold drop in profit - to a loss of 326 million drams.
The leader in CMPTL and cargo insurance premiums is RosGosstrakh Armenia IC. INGO Armenia is a leader for medical insurance, property insurance against fires and natural disasters, against accidents, travel insurance, CASCO, Nairi Insurance -for insurance of general liability, property from other damages, and leadership in the field of aviation insurance was shared between "INGO Armenia" IC (air transport) and "Sil Insurance" IC (responsibility from the use of air transport).
