ARMENIA, 1H: corporate insurance lines' growth rate increased from 8.5% to 58.2%

13 August 2018 — Marina MAGNAVAL
Based on the 1H2018 results, the growth rate of corporate insurance lines significantly increased from 8.5% to 58.2%, outperforming the individual insurance segment (2.7% to 6% increase), so that the share of this insurance in portfolio of local insurers reached 55.3%, wrote ArmInfo portal.

However, corporate insurance does not prevail in the portfolio of all Armenian insurers. For example, individual insurance lines account 55.5% and 51.2% respectively in the GWP portfolio of ARMENIA Insurance and RESO. On the other hand INGO Armenia's individual insurance premiums reached 36.6% and corporate premiums - 63.4%; the share of individual insurance in premiums of ROSGOSSTRAKH Armenia is 45.5% and the share of corporate - 54.5%.

According to ArmInfo in the structure of paid claims individual insurance amounted to 66% and corporate - 34%, though the annual growth of paid claims in corporate insurance drastically jumped from 7% to 55%, while the annual growth of paid claims in individual insurance was rather modest - from 23% to 26%. In the structure of premiums ceded in reinsurance the share of corporate insurance amounted to 91.2% with a slowing trend from 34% to 13%, and the share of individual insurance amounted to 8.8% with a growing trend from 13% to 55%.

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