This is due to an annual increase in the number of concluded contracts by 18.3%, which led to the GWP rise by 17.7% along with a decrease in paid claims by 8.7%, ArmInfo wrote referring to the data of the Motor Insurers Bureau of Armenia.
The growth in the number of vehicles with MTPL policy accelerated in January-August 2022 to 8.1% y-o-y from 1% in the same period of 2021, which is still below the pre-COVID growth of 13% in January-August 2019. However, in quantitative terms, the number of vehicles with MTPL policy exceeded even the pre-Covid level - 601,134 thousand units by September 2022 vs 567,483 thousand units in September 2019.
The number of MTPL contracts concluded during the reporting period increased by 18.3%, much less than the pre-Covid growth of 33.5% in 2019. But in quantitative terms, in January-August 2022, the insurers concluded more MTPL contracts than in the same period in 2019: 749.896 thousand units vs 721.821 thousand units. GWP collected on them increased by 17.7% y-o-y, reaching AMD 16.4 billion (EUR 40.49 million).
The number of claims in January-August 2022 was 7% lower than a year ago. Total amount of paid claims reached AMD 9.9 billion (EUR 24.44 million) with an annual decline of 8.7%.
ROSGOSSTRAKH Armenia holds the lead in terms of the share of its MTPL premiums in the total market volume - 29%, in terms of paid claims - 31.62%. This company also continues to occupy the leading position in terms of the share of vehicles with valid MTPL policy - 28.03%. The second position is held by NAIRI Insurance: its share of insurance premiums is 26.4%, paid claims - 22.25%, the share of vehicles with a valid MTPL policy is 25.72%.
*EUR 1 = AMD 404.98 (as of 01.09.2022)
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