At the same time, total number of MTPL contracts concluded in the period decreased by 22.2% y-o-y, and GWP declined by 13% to AMD 17.8 billion (~EUR 30.9 million*). The number of vehicles with valid MTPL policies also decreased by 10.4%.
ArmInfo analysts believe that the number of electronic policies is growing due to a 5% discount when concluding a contract online, and at the same time, due to transition to remote customer services in connection with the coronavirus pandemic.
In January-November 2020, the number of claims decreased by 13.8% y-o-y, and total amount of paid claims decreased by 7% to AMD 13.1 billion. MTPL loss ratio for 11 months of 2020 dropped to 63% from 72% in the same period of 2019.
At the end of November, there were 524,254 vehicles in Armenia with valid MTPL policies. The maximum decline in their number y-o-y was recorded by INGO Armenia, while only ROSGOSSTRAKH Armenia, the leader in the number of insured vehicles (174,572) and NAIRI Insurance, saw growth out of six insurance companies in the Armenian market.
* at the following exchange rate:
1 EUR = 576.08 AMD (01.10.2020)