ARMENIA: MTPL loss ratio decreased 10% y-o-y amid growing number of insured vehicles

7 May 2020 — Marina MAGNAVAL
In 1Q2020 the number of e-MTPL policies in Armenia increased 3.2 times y-o-y, and their share in total number of MTPL contracts jumped from 3% to 11%, ArmInfo reports with reference to the data of the Armenian Bureau of motor insurers.

At the same time, as the Bureau's data show, total number of MTPL insurance contracts decreased by 1.9% y-o-y, while total MTPL GWP grew by 2% and reached AMD 4.8 billion (~EUR 8.7 million).

Total number of claims during the first quarter increased by 3.3% y-o-y, while the total volume of paid claims amounted to AMD 4.1 billion (+10.4%). MTPL loss ratio decreased to 64% from 74% a year earlier. At the same time, total number of vehicles insured under MTPL grew by 9.7% and reached 558,158 units.

Online sales of MTPL started in November 2017 as part of the transition to a single window system and a single platform for the insurance market under the project "Armenian Single Window for Automative - ASWA". In February 2020, the next stage for MTPL digitalization began - the registration of insurance claims under European Accident Statement through ASWA mobile app being established, ArmInfo wrote.

*EUR 1 = AMD 552.07 (01.04.2020, National Bank)

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