There was a deficit in the system in terms of collected premiums (about AMD 1 billion). In particular, there was an imbalance between car owners of the malus and bonus classes, in connection with which the mechanism for calculating these classes also underwent a change, namely, to alleviate the deficit, the malus category was expanded to 25 classes, with possibility of increasing premiums from the previous 250% to 300%, which per case increases the malus bonus class from the previous 4 to 3-8 classes, depending on the amount of compensation. As a result of these changes, the system ensured GWP growth by 7-8%, and the rest part of premium increase was due to import of new cars, intensification of conclusion of short-term MTPL-contracts at customs, etc., says the General Director of the insurance company Armenia Insurance Arman DAGUNTS.
He explained the decline in MTPL paid claims by the fact that in 2022 there were submitted 5 thousand claims less than in 2021. The decrease in paid claims, in his opinion, was affected by stressful situation in the society and creation of a patrol service within the Armenian Police to organize traffic, prompt arrival at the scene in case of accidents, as well as containment of fraudulent schemes.
According to the Bureau of Motor Insurers of Armenia, in 2022, growth in the number of concluded MTPL policies accelerated its pace from 9.9% to 16.1%, reaching 1.2 million units. As a result, GWP growth under these contracts accelerated from 8.9% to 15.6% (to AMD 26.5 billion or USD 67.3 million). At the same time, dynamics of paid claims changed after an increase of 13.7% in 2021 to a decline of 4.6% in 2022, which reduced their volume to AMD 15.7 billion (USD 39.8 million).
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