Total number of MTPL contracts in 2019 grew by 33.2% y-o-y. MTPL GWP also increased by 23.5%. The average MTPL premium amount last year dropped by 7.3%, evolution which analysts attribute to the discounts provided when concluding contracts online.
The number of compensation claims in 2019 increased by 17%, and the total amount of paid claims grew by 11.6% y-o-y. In the same context, MTPL loss ratio remained almost unchanged, at 74% (vs. 73% in 2018).
According to the Bureau, in 2019 total number of vehicles with valid MTPL policies increased by 18.5%.
Among the key factors affecting MTPL dynamics, analysts mention the introduction in March 2016 of the procedure for processing insurance claims based on European Accident Statement, the beginning of the transition to a single window system and a single platform for the insurance market within the project "Armenian Single Window for Automative - ASWA" in 2017, and the advent of online sales and creation of a possibility to buy policies though payment terminals. Also, in February 2020, registration of insurance claims based on European Accident Statement was launched though the ASWA mobile application.