Motor Insurers` Bureau informs about need to indicate bank account  number in CMTPL agreements from April 1, 2024; what foreigners should  do not yet reported

 Thursday, February 22 2024 18:08:00
Motor Insurers` Bureau informs about need to indicate bank account  number in CMTPL agreements from April 1, 2024; what foreigners should  do not yet reported

ArmInfo. From April 2024, the policyholders will be required to indicate the number of their bank  account (card or current), or the account of their authorized representative in the CMTPL (Compulsory Motor Third Party Liability) agreement. This is noted in the message of the Motor Insurers' Bureau of Armenia received by ArmInfo.

Armenian insurance sector profit decreased by 33% in 2023
 Thursday, February 15 2024 17:53

ArmInfo. The net profit of the insurance sector of Armenia dropped by 33% in 2023, after a 4.5-fold  increase in 2022. "This resulted from higher reimbursement growth of 30% with a modest 17% increase in premiums.

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Armenia shows reasonable approach to medical insurance - Gennady  Onishchenko
 Wednesday, February 7 2024 17:10

ArmInfo.The EAEU countries must ensure that citizens of member states, while staying in another  country of the Union, can receive medical care without thinking about what to pay, Academician of the Russian Academy of Sciences Gennady Onishchenko stated during a video conference Moscow-Astana-Bishkek-Yerevan-Minsk on the topic: "Biosecurity of the EAEU countries."

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Ministry of Health of Armenia no longer deals with the return of  accumulated pensions
 Tuesday, February 6 2024 19:43

ArmInfo.In case of having diseases included in the list established by the RA Government, based  on the conclusion issued by the Ministry of Health, the participants have the right to submit a claim to receive the funds in their pension account in full any time, including before turning their pension age, the press service of the RA NA reports.

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Comprehensive medical insurance to give impetus to investment of  health system - premier 
 Monday, January 22 2024 11:25

ArmInfo.Chaired by Prime Minister Nikol Pashinyan, a consultation was held in Jermuk, during  which the works and further steps towards the introduction of comprehensive health insurance were discussed.

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Fines for absence of CMTPL agreement to be reduced 4-fold in Armenia
 Tuesday, January 16 2024 21:00

ArmInfo. In case of fulfillment of certain conditions by drivers in Armenia, the amount of fines for the absence of an insurance contract will be reduced 4-fold. At the plenary session on January 16, the National Assembly  of the Republic of Armenia introduced amendments to the Code of Administrative Offenses in the second and final reading.

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Loss ratio in CMTPL market increased from 65% to 70% over year 
 Friday, December 15 2023 14:07

ArmInfo.By December 1, 2023, the loss ratio for Compulsory Motor Third Party Liability (CMTPL) in  the insurance market of Armenia, increased to 70% from last year's 65%, according to the data from the Motor Insurers' Bureau of Armenia.  An increase in the coefficient began to be noticed in April of this year against the background of the transition to the liberalization of PPP tariffs.

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Procedure for submitting documents to Police on concluding CMPTL  agreement to be simplified in Armenia
 Friday, December 8 2023 15:08

ArmInfo.In Armenia, the procedure for submitting documents to the RA Police on concluding an  agreement on Compulsory Motor Third Party Liability (CMPTL) for fined drivers will be simplified. At the plenary session on December 8, the National Assembly of the Republic of Armenia is discussing amendments  to the Code of Administrative Offenses in the first reading.

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Procedure for submitting documents to sign CMPTL contract in Armenia  to be simplified for fined drivers
 Monday, December 4 2023 17:41

ArmInfo. In Armenia, the procedure for submitting documents to the RA Police on concluding an  agreement on Compulsory Motor Third Party Liability for fined drivers will be simplified. At a meeting on December 4, the RA National Assembly Standing Committee on Defense and Security issued a positive  opinion on the draft amendments to the Code of Administrative Offences.

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Loss ratio MTPL insurance 68% Jan-Oct, 2023 
 Thursday, November 16 2023 15:09

ArmInfo. The loss ratio of motor third-party liability insurance (MTPL insurance) was 68% as of  November 1, 2023, against 64% last year, in the first quarter of 2022, Armenian Motor Insurers Bureau. 

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Compensations suppress premiums in Armenian insurance market
 Wednesday, November 15 2023 16:48

ArmInfo. In the Armenian insurance market, compensation growth continues to accelerate, while  premium growth has slowed, as a result of which market profits have begun to decline, according to the data of the anniversary issue No.75 of the Financial Rating of Insurance Companies of Armenia as of  September 30, 2023, prepared by ArmInfo IC based on published reports  and portfolio data requested from the insurance companies.

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Loss ratio for CMPTL continues to grow in insurance market of Armenia
 Wednesday, October 18 2023 14:30

ArmInfo. In the insurance market of Armenia, the loss ratio for Compulsory Motor Third Party Liability (CMPTL) continues to grow, up to 66% as of October 1, 2023, from last year's 64%, according to the data from the Motor Insurers' Bureau of Armenia.  

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EFES IC de facto returns to Armenian market
 Monday, October 9 2023 16:06

ArmInfo.The EFES Insurance CJSC has de facto returned to the Armenian market. Having registered with  the Central Bank at the end of July this year, EFES Insurance CJSC managed to establish partnerships with six banks and the largest leasing company in Armenia as well as with a number of travel agencies, by October. In total, 51 organizations already act as insurance agents of EFES, including ACBA Bank, Converse Bank,  Araratbank, Evokabank, Inecobank, Byblos Bank and ACBA Leasing.

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In Armenia`s insurance market, loss ratio for CMPTL began to grow  slowly
 Monday, September 18 2023 16:22

ArmInfo.In the insurance market of Armenia, the loss ratio for Compulsory Motor Third Party  Liability (CMPTL) is slowly starting to increase year-on- year, from 63% to 65% by September 1, 2023, noticeably higher than the pre-Covid 69% in Jan-August 2019.

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In Armenia`s insurance marke, CMPTL loss ratio has been at level of  64% for year already
 Monday, September 4 2023 16:59

ArmInfo.In the Armenian insurance market, the CMPTL loss ratio has been at the level of 64%  for a year now, which is much lower than 79% in Jan-July 2021 and the  pre-Covid 72% in the same period of 2019.

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Loss ratio of MTPL insurance 64% in Armenia in first half of 2023
 Friday, July 14 2023 16:58

ArmInfo. The loss ratio of motor third-party liability insurance (MTPL insurance) was 64% in the first half of 2023 against 65% in the first half of 2022, and 81% in 2021and 73% in 2019. This was accompanied by a liberalization of MTPL prices and slightly lower rates of a 2-digit annual increase in the number of MTPL insurance contracts from 19.7% down to 16.3%, and a slower % increase in insurance premiums, from 21.4% down to 6.5%. A 9.8% increase in insurance indemnities (up to $10.7mln) was recorded against an 8.7% decrease.

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CMTPL E-polices sales stalled pending more visible discounts as part  of tariff liberalization 
 Wednesday, May 17 2023 19:36

ArmInfo. The loss ratio for CMPTL in Armenia in January-April 2023 decreased to 62% from 67% in January-April 2022, being much lower than the pre-Covid 73% in January- April 2019.

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Armenian insurance sector reduces tax payments by 27% in Q1 2023
 Wednesday, April 26 2023 18:37

ArmInfo.The list of 1000 largest taxpayers in Armenia in Q1 2023 included 3 insurance  companies out of 6 operating ones. According to the data of the State  Revenue Committee, the list includes Liga Insurance,  Nairi  Insurance, and INGO Armenia.

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MTPL insurance policy sales markedly down before tariff  liberalization  
 Saturday, April 15 2023 14:35

ArmInfo. The loss ratio of motor third-party liability insurance (MTPL insurance) was 62% in the first  quarter of 2023 against 69% in the first quarter of 2022, and 74% in the first quarter of 2019. The number of MTPL insurance contracts showed an increase from 15.9% to 17.8%, with a 12.8% increase in insurance premiums ($16.3mln) against 17.5% and a 6.7% increase in insurance indemnities (up to $10.7mln) against a 13.5% decrease. 

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CBA Head: From April 1, fair system of CMPTL in terms of pricing to be introduced
 Thursday, March 30 2023 13:08

ArmInfo. According to the preliminary estimate of the Motor Insurers' Bureau, as a result of the liberalization of the  CMTPL (Compulsory Motor Third Party Liability) market, from April 1, prices will decrease for 56% of car owners who choose the minimum base rate, for 21% they will remain approximately the same, and for 23% they will increase.

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Health Ministry to announce amount of insurance payments and  state-subsidized rate for citizens under compulsory health insurance  at end of 2023 
 Wednesday, February 15 2023 19:55

ArmInfo. The Ministry of Health of Armenia will recalculate the state-subsidized rate for compulsory health insurance this year. Minister of Health of Armenia  Anahit Avanesyan announced this during a press conference on February  15.

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