ArmInfo.

ArmInfo. In Armenia, with the  process of phased introduction of compulsory health insurance the  loss ratio in the general class of medical insurance increased in  2018 on average in the market to 67%, against 55.8% in 2017.

ArmInfo. From 2021, a phased introduction of the compulsory health insurance system will begin in Armenia. On this, answering the question of ArmInfo, on January 23,  Healthcare Minister Arsen Torosyan said at a press conference. At the  same time, Torosyan abstained from indicating the period when all  citizens of Armenia will become the beneficiaries of a comprehensive,  as the Minister called, medical insurance system.

ArmInfo.

ArmInfo.The MTPL unprofitability ratio increased in 2018 from 65% to 72.5%. This is  evidenced by the data of the Armenian Motor Insurers' Bureau.   According to the Bureau, as of January 1, 2019, there are 508297  vehicles in Armenia with MTPL contract, with a y-o-y increase of  10459 units or 2.1%, against an increase of a year ago by 29710 units  or 6.4%. Of the total number of vehicles with MTPL-contract, 25.23%  covers Rosgosstrakh Armenia, 23.44% - Nairi Insurance, 22.34% - INGO  Armenia, 12.29% - Sil Insurance, 8.53% - Armenia Insurance and 8.17%  - RESO.

ArmInfo. In  January-September 2018, the insurance sector of Armenia paid taxes of  1.6 billion drams or $ 3.4 million, which is 23.8% less than a year  ago. Of this amount, 1.4 billion drams are direct taxes (including  income tax and tax on profit), with a y-o-y decline of 26.3%.  According to the State Revenue Committee of the Republic of Armenia,  according to the results of 9 months of 2018, all 6 insurance  companies operating in the Armenian market were included on the list  of the top 1000 taxpayers of Armenia.

ArmInfo.. For 9 months of 2018, Armenian insurers reimbursed more than 16.5 billion AMD or $ 34.2 million in different classes (figures are brought from the reports of  Insurance Companies portfolios according to the standards of the  Central Bank of Armenia).

ArmInfo. The premiums of Armenian insurance companies for the third quarter of 2018 improved the dynamics with a recovery of 5.8% from the 43.5% decline (against  1.8% growth in the third quarter of 2017), with a similar picture of  refunds - from a 7.3% decline by 26.7% growth (against 11.5% growth  in the third quarter of 2017).

ArmInfo. The share of retail insurance in the portfolios of premiums of Armenian insurers in the first 9 months of 2018 was 49.7% (15.2 billion AMD), corporate  insurance share was 50.3% (15.4 billion AMD), versus 57.1% and 42.9%   respectively a year earlier.

ArmInfo.

ArmInfo. The security service of the insurance company "ROSGOSSTRAKH ARMENIA" is taking active steps to curb and uncover insurance frauds. As the press service of ROSGOSSTRAKH ARMENIA insurance company told ArmInfo, the company has introduced a system to detect signs of fraud, thanks to which a  significant number of attempts are suppressed at the stage of claims  settlement. Employees of the company are subjected to a thorough  analysis of all cases in which there are signs of fraud.

ArmInfo. Up to this day no memorandums with insurance companies about the start of the program agricultural insurance in Armenia have been signed, member of the  Agricultural Alliance and Advisor to the Executive Director of "Nairi  Insurance" IC Artak Martirosyan said, recalling the report previously  published by the Ministry of Agriculture that the sale of insurance  policies of agricultural risks in Armenia may begin at the end of  2018 or early 2019.

ArmInfo. About $ 40 million was invested in the construction of the first "green" Class A business center in Armenia. The head of the Kamar Business Center and the head  of Prodeco Artashes Kazhetsyan reported to the Prime Minister Nikol  Pashinyan during the recent presentation of this building.

ArmInfo.

ArmInfo.  To develop compulsory  health insurance in Armenia, it is necessary to put an end to  informal agreements between insurers and medical institutions,  Healthcare Minister Arsen Torosyan stated at a meeting with  representatives of local insurance companies.

ArmInfo.

ArmInfo.In the first half of 2018 as compared with the same period of 2017 Armenia's insurance companies registered a 30,6% growth in premiums amid 30,1% growth in  compensation. A year earlier premiums demonstrated only 4,7% growth  amid 30,5% growth of compensaitons. In Q2 alone, the dynamics of  premiums deteriorated to 43,5% decline versus 36,1% growth in Q1 amid  sharp slackening of compensations decline to 7,3% from 22,2% in Q1,  amid 22,8% decline and 10,2% decline in Q2 2017 respectively.  

ArmInfo. The share of retail  insurance in the portfolios of premiums of Armenian insurers for the  first half of 2018 was 44.7% (9.8 billion drams), corporate insurance  - 55.3% (12.2 billion drams). At the same time, year-over-year growth  of retail insurance accelerated from 2.7% to 6%, while the  acceleration rate of corporate insurance growth increased sharply  from 8.5% to 58.2%.  Before the introduction of CMTPL in Armenia, as  well as obligatory individual health insurance of state employees,  the share of corporate insurance significantly prevailed over retail  one. 

ArmInfo. The total net profit of Armenian insurance companies in the first half of 2018 fell by 65.1% per annum (against the decline of 51.6% a year earlier), amounting to  443.2 million drams or $ 919 thousand. According to the Ranking of  Armenian insurance companies prepared by ArmInfo News Agency, the  deterioration of the annual dynamics is due to higher growth rates of  insurance claims, rather than premiums.

ArmInfo. The insurance sector of Armenia paid taxes for 1.1 billion drams in the first half of 2018, which is lower by 26.7% than a year ago. Of this amount, 995.5  million drams fell on direct taxes (including income tax and income  tax), which is 28.9% higher than last year's figure. According to the  RA State Revenue Committee, in the list of 1000 largest taxpayers in  Armenia, according to the results of the first half of 2018, all 6  insurance companies operating on the market were included.