ARMENIA: in January-February 2022, the number of vehicles with MTPL policy increased by 9.8% y-o-y

22 March 2022 —
In January-February 2022, the number of vehicles with MTPL policy in Armenia increased by 9.8% y-o-y (according to the Bureau of Motor Insurers of Armenia) vs a decline of 9.1% a year earlier and an increase of 4.3% in the same period of 2019.

This allowed MTPL premiums not only to restore the upward trend, but also to exceed the result two years ago, ArmInfo reports.

In quantitative terms, by March 2022, the number of vehicles with MTPL policy amounted to 575,274 thousand units (vs 508,425 thousand units in 2019).

Resumption of growth, exceeding the pace of 2019, was also observed in the number of concluded MTPL contracts - y-o-y growth for the period amounted to 19.4% (vs 16.5% in 2019). As a result, in January-February 2022, 163,236 thousand MTPL contracts were concluded. MTPL GWP volume increased by 18%, exceeding AMD 3.6 billion (EUR 6.61 million*).

The experts note high activity of sales of e-MTPL policies, the number of which increased by 73.9% in January-February. As a result, their share in the total number of MTPL agreements reached 27% by March 2022 (vs 19% in 2021 and 3.1% in 2019).

The number of claims in January-February 2022 decreased by 4%, and the amount of paid claims exceeded AMD 2.5 billion, with y-o-y decline of 8.6%. MTPL loss ratio decreased by March 2022 to 70% from 84% a year earlier, but still exceeds the level of 68% in 2019.

ROSGOSSTRAKH Armenia keeps leading in terms of the number of vehicles with MTPL policy (172,414 thousand units), followed by NAIRI Insurance and INGO Armenia. ROSGOSSTRAKH Armenia also leads in terms of its share in the total MTPL GWP volume (32.1%).

*1 EUR = 544.54 AMD (01.03.2022)



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