ARMENIA: after 9 months, corporate insurance accounts for almost 51% in the portfolios of insurers, while almost 68% of claims paid to retail clients

19 November 2020 — Marina MAGNAVAL
The results of the insurance market for 9 months of 2020 show that corporate insurance dominates in GWP portfolios of Armenian insurers (50.9% or AMD 17.2 billion/~EUR 30 million*), while retail insurance accounts for 49.1% (AMD 16.6 billion/~EUR 29 million*), against 49.7% and 50.3% correspondingly a year earlier, ArmInfo reports.

Per companies, at the end of the third quarter, corporate insurance dominated the premiums of two insurers - INGO Armenia (69%) and SIL Insurance (57.5%), while portfolios of the other four companies, on the contrary, were dominated by retail. Most of all retail insurance is prevailing in the portfolio of RESO (67.6%).

On the paid claims side, in the market in general the retail component is leading - the share of claims paid to retail clients accounted for 67.8% (AMD 11.6 billion), while corporate paid claims accounted for 32.2% (AMD 5.5 billion), and this ratio remained practically unchanged y-o-y. INGO Armenia was the only company, paid claims of which were dominated by corporate insurance (54.3%) by the end of the third quarter, while ROSGOSSTRAKH Armenia paid the most to retail clients (92.2%).

* at the following exchange rate:
1 EUR = 571.78 AMD (as of 30.09.2020)

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