In Armenia, rising medical costs have driven up the loss ratio in health insurance (both voluntary and with social packages, according to the source), which reached 69% by the end of the first half of 2025, according to the Financial Rating of Armenian Insurance Companies as of June 30, 2025, prepared by ArmInfo.

The agency's analysts noted that after the loss ratio declined to 40% in the first half of 2022, it rose to 42% in 2023, then accelerated to 58% in the first half of 2024, with this trend continuing in 2025. This occurred against the backdrop of annual increases in medical services costs: 6.7% in 2021, 5.9% in 2022, 12.2% in 2023, 7.9% in 2024, and 7.1% by the end of June 2025.

EFES insurance company recorded the highest loss ratio in health insurance in the first half of 2025, collecting AMD 2.6 billion in premiums and paying the same amount in claims. LIGA Insurance had the second-highest loss ratio in the reporting period - 73%. Meanwhile, Armenia Insurance had the lowest health insurance loss ratio - 37%.

Overall, health insurance GWP for 2022–2024 period increased from AMD 18 billion (USD 45 million) to AMD 21 billion (USD 52 million), the lion's share of which came from corporate clients. However, over the three-year period under review, the number of active contracts in the segment decreased from 7,000 units to 5,600 units. As a result, the premiums-contracts ratio indicates a doubling of the cost of an annual policy—from AMD 2 million to AMD 4 million, the source writes.

* 1 EUR = 450.83 AMD (June 30th, 2025)