ARMENIA: in January-July 2020 the share of e-MTPL reached 13% of the total number of contracts in the segment

2 September 2020 — Marina MAGNAVAL
By the beginning of August 2020, the share of e-MTPL policies in the total number of MTPL contracts in Armenia has tripled and reached 13% (vs 4% a year ago), ArmInfo reports.

At the same time, according to the Bureau of Motor insurers of Armenia, total number of MTPL contracts concluded in January-July decreased by 15.2% y-o-y, while GWP dropped by 7.8% to AMD 11.2 billion (EUR 19.46 million*). It should be also noted that the total number of motor vehicles with MTPL policy decreased by 1.5% y-o-y (vs their growth by 11.9% in January-July 2019).

ArmInfo analysts believe that a 5% discount when purchasing MTPL policies online, as well as the remote work policy of employees of insurance companies during the pandemic, played the key role in the growth of the number of e-MTPL policies.

The number of submitted claims in January-July decreased by 10.8% y-o-y, and total amount of paid claims reached only AMD 8.4 billion (-2.5%). MTPL loss ratio for the period decreased to 60% (vs 72% a year ago).

Among insurers, ROSGOSSTRAKH Armenia is leading in terms of the number of vehicles insured under MTPL (179,047 out of 548,269 motor vehicles with MTPL policy), while NAIRI Insurance ranks second and INGO Armenia - third.

* for the following exchange rate:
1 EUR = 575.46 Dram - AMD (July 31st, 2020)

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