According to the Bureau of motor insurers of Armenia, in the first half of 2020, the number of e-MTPL policies increased 2.8 times y-o-y, while the total number of all concluded MTPL contracts, on the contrary, dropped by 13.3%.
Total MTPL GWP decreased by 7.4% y-o-y to AMD 9.4 billion (~EUR 17.38 million*), however, the number of vehicles with MTPL policy remained practically unchanged (vs their growth by 11.8% in the first half of 2019). At the same time, the average MTPL premium size increased by 6.8%.
The analysts of ArmInfo believe that the e-MTPL growth is due to discounts given for purchasing online, as well as transition of insurers to a remote operations mode during the pandemic period.
Total number of MTPL insurance claims in 1H2020 decreased by 10.5%, and total volume of claims paid went down as well by 2.5% to AMD 7.2 billion. This contributed to a decline of MTPL loss ratio in general to 59% (vs 73% in 1H2019).
* for the following exchange rate:
1 EUR = 540.76 AMD (as of 01.07.2020)