ARMENIA, Q32014: Insurers report a 6.1% increase in the total number of insurance contracts

11 February 2015 — Olesea ADONEV
According to the latest data published by ArmInfo News Agency, for the Q32014, Armenian insurance companies issued 244,201 policies, up by 6.1% compared to the similar period of 2013. Thus, the total number of valid insurance policies grew by 1.6% to 628,202.

Moreover, the most popular voluntary insurance line is accident insurance (31,163 policies, decreased by 29.3% for Q3 2014). As of October 1st, 2014, the number of accident insurance policies totaled 121,488. RESO Insurance Company has retained its leadership position according to the number of accident policies (22,492).

The second most popular type of insurance is Travel insurance (25,724 policies, up by 94.5% for Q32014). INGO Insurance Company was the leader in this segment (10,424 policies).

The third most demanded insurance line is the third party motor liability insurance (5,309 policies, with a 7.1% growth). ROSGOSSTRAKH Insurance Company was the leader with 4,700 policies.

Insurance against property risks (fire and natural calamities) holds the fifth place (4,821 policies with a 9.7% decline for Q32014). INGO Insurance Company was the leader with 1,734 policies. ROSGOSSTRAKH Armenia and RESO issued 1,488 policies and 1,229 policies, respectively.

The number of Motor Hull contracts reached 3,161 in Q32014, 2.1% more than the previous quarter. As of Oct 1 2014, the companies provided 11,160 policies in the given segment. SIL Insurance Company was the leader in this line of insurance (1,115 policies).

In the segment of the mandatory motor third-party liability insurance (MTPL), a total of 164,566 policies were issued in Q32014 (a 5.8% growth versus the previous quarter). The number of valid MTPL policies totaled 430,089 as of Oct 1 2014. ROSGOSTRAKH Armenia was the leader on the MTPL insurance segment (55,613 policies).

Armenian insurance companies provide 16 out of 19 insurance lines registered in Armenia. INGO Armenia is the only company to provide all the 16 insurance lines. ROSGOSSTRAKH Armenia provides 15 insurance lines, SIL Insurance, ARMENIA Insurance and RESO provide 11 insurance lines, while NAIRI Insurance provides only 10.

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