The decrease was due to a 19.7% annual increase in the number of contracts concluded, which led to an increase in premiums by 21.4%, while paid claims decreased by 8.7%, according to the data of the Bureau of Motor Insurers of Armenia.
According to the Bureau, the number of vehicles with MTPL policy in the first half of the year increased more significantly (+12.9%) than in the pre-Covid similar period, which allowed premiums to almost restore the upward trend of three years ago. In quantitative terms, by July 2022, there were already 595,373 such vehicles (vs 546.710 thousand units in 2019).
The resumption of growth, approaching the pre-Covid rising rates, was also observed in the number of MTPL agreements concluded. During the reporting period, annual growth accelerated from 0.6% to 19.7%. In quantitative terms, in 1H more MTPL agreements were concluded than in the same period of 2019 - 530.284 thousand units vs 508.130 thousand units. GWP increased by 21.4% y-o-y amounting to AMD 11.8 billion (USD 29 million).
Paid claims exceeded AMD 7.6 billion (USD 18.7 million), which is 8.7% less than a year earlier.
ROSGOSSTRAKH Armenia holds the leadership in terms of its share in the total MTPL GWP - 29.8%, in terms of its share in paid claims - 31.22% and in terms of its share in the number of vehicles with a valid MTPL policy - 28.79%.
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