ARMENIA: at the end of 1H, corporate insurance continues to dominate in the GWP portfolios of insurers (57%)

23 August 2021 — Marina MAGNAVAL
According to the 1H2021 results, corporate insurance continues to dominate in the GWP portfolios of Armenian insurers - 57% (AMD 15.1 billion/EUR 25.69 million*) vs the share of retail insurance at 43% (AMD 11.4 billion/EUR 19.40 million*), which is almost the same as a year earlier, ArmInfo reports.

As the data for the first six months show, corporate insurance prevails in the GWP portfolios of four companies, while retail insurance dominates for the other two (RESO and NAIRI Insurance). The largest share of corporate insurance is in the portfolio of INGO Armenia (68.2%), while RESO has the largest share of retail insurance (63.9%).

In the structure of paid claims for 1H, retail clients accounted for 63.7% or AMD 8.7 billion, corporate - 36.3% or AMD 4.9 billion (vs 68.2% and 31.8%, respectively, a year earlier). In the reporting period, only INGO Armenia's (56.5%) paid claims portfolio was dominated by corporate insurance, while out of the other five companies, retail insurance dominated in paid claims of ROSGOSSTRAKH Armenia (86.3%).

In the structure of reinsurance-ceded premiums, the share of corporate insurance in the first half of the year amounted to 80.6% or AMD 3.4 billion, and retail - 19.4% or AMD 823.7 million (vs 86.8% and 13.2% respectively a year ago).

*at the following exchange rate:

1 EUR = 587.62 AMD (as of 01.07.2021)

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