ArmInfo. In Jan-June 2016, the net profit of Armenian insurance companies amounted to 2.6 bln AMD or $5.5 mln, with a 74% growth versus Jan-June 2015. In Q2 alone, the net profit of insurance companies totaled 1.3 bln AMD, or $2.8 mln, with a 0.5% growth versus Q1 due to 42-58% increase in three companies amid 4-53% decrease in the remaining three companies. 

ArmInfo. Armenia's insurance sector paid 1.1bln drams taxes for the 1st half of 2016 with a 21.2% year over year. Direct taxes  (including profit and incomes taxes) accounted for 1bln drams of total, which is 20.3% more than a year ago. According to the State Revenue Committee, all the 6 insurance companies are among Top 1,000 largest taxpayers of Armenia for the 1st half of 2016.

ArmInfo. Retail insurance accounted for 54% (5.2bln drams) of total premiums of the Armenian insurance companies for Q1 2016. Corporate insurance accounted for 46% (4.4bln drams) of total. Retail insurance market capacity fell from 19.7% to 25%, as corporate insurance increased from 12.9% to 27.8%. Before introduction of MTPL insurance and compulsory medial insurance of the staffs of the state-run enterprises in Armenia, the share of corporate insurance was prevailing over the retail one significantly. 

ArmInfo. In Q1 2016, the Armenian insurers paid a total of 3.7 bln drams or $7.6 mln indemnities on various insurance lines (based on reports of insurance companies' portfolios on the Central Bank standards). The year-on-year growth of the insurance indemnities totaled 13.4%. The insurance premiums increased only 1.7% y-o-y to 9.6bln drams or $19.9mln. According to ArmInfo's Ranking of Insurance Companies of Armenia,  Rosgosstrakh-Armenia Insurance Company and Sil Insurance Company were the leaders by the y-o-y growth of indemnities - 27.2% and 24.5%. Armenia Insurance was the only company to see downward trends of indemnities- 3.6% decline y-o-y.  Financial risk insurance indemnities increased 12-fold y-o-y, overland transport liability insurance indemnities increased 81.1% y-o-y, and property insurance indemnities increased 60.7% (insurance against fire, natural calamities 54.1% and other damage - 2.7-fold).

ArmInfo.Insurance sector of Armenia paid 499.02 mln drams of taxes in Q1 2016, which is 9% more than last year's indicator. From this sum 463.9 mln drams were indirect taxes (profit and income taxes), which is by 6% more than last year's indicator. Rosgosstrakh-Armenia and INGO Armenia insurance companies ensure almost 60% share of tax payments by the insurance companies.

ArmInfo. In Q1 2016, the premiums of the Armenian insurance companies grew by 6.7% versus Q1 2015, while the payouts dropped by 1.9%. By 1 April 2016, the aggregate amount of insurance premiums totaled 9.5 bln AMD, while the payouts exceeded 3.2 bln AMD (the figures are given from the insurance companies' reports according to the IFRS standards).

ArmInfo. In Q1 2016, the net profit of Armenian insurance companies amounted to 1.3 bln AMD or $2.7 mln, with a 2.1-fold growth versus Q1 2015. Rosgosstrakh-Armenia was in the lead in terms of net profit in Q1 2016 (2.5-fold rise versus Q1 2015). Nairi Insurance was the second with 235.4 mln AMD (up 42.1%). INGO Armenia was the third with 203.2 mln AMD (36-fold growth, rise from the negative level to a positive one). 

ArmInfo. A system of independent registration of MTPL insurance events below 50,000 AMD by drivers comes into effect today, on March 4 2016. The Bureau of Motor Insurers told ArmInfo, the new process implies a facilitated and prompt mechanism of indemnity payment by an insurance company. Along with this, the Bureau has updated the procedure of contractual relations with expert organizations for insurance events below 50,000 AMD: the terms of repeated examinations have been reduced to 3 working days and the payment for the examination was reduced to 5,000 AMD.  A repeated examination looks to protect the rights of the MTPL insurance event affected party. It is conducted in the cases when the aggrieved persons disputes the examination result of their insurance company concerning the guilty and/or damage level.

ArmInfo. Armenia's insurance market saw a record-breaking net profits for the last five years - 2.5bln drams ($5.2mln) in 2015, with a 71% year-on-year profits.

ArmInfo. From now on, a MTPL insurance event below 50,000 AMD can be settled upon mutual consent of drivers without calling an insurance officer. Arthur Javadyan, the head of the Armenian Central Bank, made such a suggestion at the Government on February 18.  He said drivers can just inform their insurers of the road accident, sign a joint manifesto and enclose photos of the accident to it and send it to the insurance company.

ArmInfo. Insurance sector of Armenia paid 1,775bln drams in 2015, which is 10.3% less than a year ago, of which 1.685bln drams was profit and income taxes.

ArmInfo. Ardshinbank and INGO Armenia insurance company are recognized as the best partners of Financial Ombudsman of Armenia in 2015. As Financial Ombudsman's press-service informed ArmInfo, the criteria of quality of cooperation, relative share of cases solved by conciliation of the parties, etc. was taken into consideration for recognition of the best partners.

ArmInfo. According to the amendments to the Law "On Insurance", the insurance contracts shall compulsorily indicate the behavior rules with respect to the consumers and the criteria of the services rendered to the consumers, as well as the admissible period for the customers to terminate the insurance contract, Deputy Chairman of the Central Bank of Armenia Nerses Yeritsyan said in Parliament on December 18.         

ArmInfo. The public opinion poll conducted by Gallup International Association in Armenia has demonstrated that VTB Bank (Armenia) is the most popular among the financial-credit organizations of Armenia, Aram Navasardyan, Founder and Director at MPG LLC - Exclusive Representative of Gallup International Association in Armenia, told reporters on December 18.  

ArmInfo. Armenia's insurance sector paid 1.3 billion AMD in taxes for the 9 months of 2015, which is 19.6% less than the last year's indicator. From this sum 1.2 billion AMD was paid as profit tax and income tax.

ArmInfo. Armenia already has preconditions for introducing life assurance, Director of Institute of Economics and Business at the RAU, former Ministr of Economy, Dr. (Economics), Professor Edward Sandoyan told ArmInfo's correspondent. 

ArmInfo.  The Institute of Economics and Business at Russian- Armenian (Slavonic) University (RAU) launches a Master's Program in insurance. Prime Insurance Brokers Ltd, RAU and Armenia's insurance companies have jointly developed the Master's Program.

ArmInfo.

ArmInfo. As of Jul 1, 2015 the net worth of the 6 operating insurance companies in Armenia totaled 14.9 bln AMD with a 4.5% yoy growth. In Q2 the indicator decreased by 1.2%. By the Ranking of the Armenian insurance companies, prepared by ArmInfo News Agency, 87,6% or 13.1 bln AMD accounted for the registered capital in the net worth structure.

ArmInfo. By Jul 1, 2015 insurance companies' assets totaled 39 bln AMD with 5.1% yoy fall. In Q2 the decrease indicator totaled 2.8%.