At the end of 2020, corporate insurance prevailed in GWP of two out of six insurers - INGO Armenia (69%) and SIL Insurance (53.7%), while portfolios of the other insurers were dominated by retail, according to the Financial Rating of Insurance Companies of Armenia, prepared by ArmInfo. The largest share of retail insurance was observed in the RESO's portfolio (66.8%).
In the structure of paid claims, retail insurance accounted for 66.1%, and corporate insurance - for 33.9%, experts note that in terms of paid claims, the shares have changed insignificantly y-o-y. Corporate insurance dominated only in the paid claims of INGO Armenia (55.6%), while the largest dominance of retail insurance in paid claims was recorded by ROSGOSSTRAKH Armenia (86.6%).
In 2020, corporate insurance accounted for 89.7% of premiums ceded for reinsurance, while retail insurance reached 10.3%, respectively (vs 92.1% and 7.9% in 2019).
It should be noted that the number of insurance contracts effective on January 1, 2021 decreased by 13.7% y-o-y to 842,236. In terms of the number of concluded contracts among the insurance classes the leader is MTPL (498.6 thousand contracts in force as of January 1, 2021), and among the classes of voluntary insurance, insurance against accidents is leading (230.2 thousand). The largest decline in the number of contracts effective as of January 1 was recorded by travel insurance (-73.1%). Also, a significant decline was observed in cargo insurance, GTPL and MTPL.
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