ArmInfo. The lump-sum benefit provision rules will come into effect under the bonus/malus system on 12 Dec 2016 by minimizing 4 malus classes. The rules apply to the motor third party liability (MTPL) insurance contracts concluded after December 12. The Board of the Central Bank of Armenia (CBA) has already registered the relevant decision of the Armenian Motor Insurers' Bureau.   

ArmInfo.

ArmInfo. In Jan-Sept 2016, the  share of retail insurance in the premiums of Armenian insurance  companies made up 57.3% (13.6 bln AMD), and the share of corporate  insurance was 42.7% (10.1 bln AMD). Retail insurance declined by 0.2%  amid 0.9% growth in corporate insurance. Before introduction of motor  third party liability insurance (MTPL) and compulsory individual  health insurance of state workers, the share of corporate insurance  considerably prevailed over the retail one.

ArmInfo.

ArmInfo. The premiums of the Armenian insurance companies grew by 2.6% y-o-y in 9 months of 2016, while the payouts increased by 2.4%. By 1 October 2016, the aggregate amount of insurance premiums made up 23.2 bln AMD, with the amount of payouts exceeding 9.8 bln AMD (the figures are taken from the insurance companies' reports according to IFRS standards).

ArmInfo.

ArmInfo. Bureau of Motor Insurers of Armenia informs that starting from September 1, 2016 when signing MTPL contract there will be no necessity to indicate the names of drivers authorized by owner to use vehicle. From now on contracts will be signed only with the owner of the vehicle.

ArmInfo. Starting from September 1 Bureau of Motor Insurers of Armenia will conduct transition to a simplified model of registration of road traffic accidents, Executive Director of the Bureau Vahan Avetisyan stated at the press conference on August 24.

ArmInfo. Insurance premiums of  Armenia's insurance companies will grow 19.9% in 2016-2018 accounting  for 0.59% of GDP (in developing countries this indicator is 1.35%, in  developed countries - 3.51%). Insurance premiums per capita will  total 12.247drams by the end of 2017 ($26, versus $67 in developing  countries and $1577 in developed ones).   

ArmInfo. Retail insurance accounted for 56% (9.03bln drams) of total premium portfolios for the first half of 2016, with corporate insurance accounting for 44% (7.1bln drams) of total.   At the same time, the retail insurance market capacity suffered a 3.9% y-o-y decline (from 6.5%), as corporate insurance growth slackened dramatically to 7.3% from 18%. Before MTPL and compulsory individual medical insurance for government-funded employees were introduced in Armenia, corporate insurance prevailed over the retail one significantly. 

ArmInfo. In Jan-June 2016, the payouts of the Armenian insurance companies amounted to 6.8 bln AMD, or $14.3 mln (the figures are taken from the insurance companies' reports by the Armenian Central Bank's standards). As compared to Jan-June 2015, the payouts grew by 7.8%. In the meantime, premiums of the insurance companies grew by 0.7% to 16.1 bln AMD, or $33.8 mln. According to the Ranking of Armenian Insurance Companies by the Agency of Rating Marketing Information (ArmInfo), four companies demonstrated year-over-year growth, with the most tangible growth registered by SIL Insurance - 20.8% and Rosgosstrakh Armenia - 17.3%, while INGO Armenia and Armenia Insurance experiencing year-over-year decline - 8% and 3.7%, respectively.

ArmInfo.  In Jan-June 2016, the premiums of the Armenian insurance companies grew by 4.2% versus Jan-June 2015, while the payouts increased by 0.7% only. By 1 July 2016, the aggregate amount of insurance premiums made up 15.8 bln AMD, with the amount of payouts exceeding 6.2 bln AMD (the figures are taken from the insurance companies' reports according to IFRS standards). According to the Ranking of Armenian Insurance Companies by the Agency of Rating Marketing Information (ArmInfo), in Jan-June 2016, the net profit of the insurance system totaled 2.6 bln AMD (up 74% versus Jan-June 2015). Two out of the six insurance companies in Armenia decreased the premiums, with 4 companies demonstrating decline in payouts. According to the insurance companies' reports by the Armenian Central Bank's standards, the insurance premiums amounted to 16.1 bln AMD (up 0.7% versus Jan-June 2015), while the payouts totaled 6.8 bln AMD (up 7.8% versus Jan-June 2015).

ArmInfo. VTB Bank (Armenia) jointly with ROSGOSSTRAKH ARMENIA Insurance Company launch exclusive product- provision of a one-year loan for getting MTPL and CASCO insurance policies by the ROSGOSSTRAKH ARMENIA Insurance Company with possibility to pay by installments, which will reduce client's financial burden.

ArmInfo. VTB Bank (Armenia) and RESO insurance company offer new terms for acquisition of 4 types of insurance products (motor third party liability insurance (MTPL) MTPL, MTPL+, health insurance, property insurance), which have been 
prepared for the customers of VTB Bank (Armenia), who make use of RESO's services.    

ArmInfo. Rosgosstrakh Armenia retains leadership in terms of payouts in motor third party liability insurance (MTPL) for the 6th year in a row. In Q1 2016, the company paid out 717 mln AMD in MTPL.

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. 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.

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.