At the same time, total number of concluded MTPL contracts in 1Q2021 decreased by 4.9% y-o-y, however, the volume of MTPL GWP amounted to AMD 4.8 billion (~EUR 8.74 million*), remaining almost at the level of the first quarter of 2020 (-0.04 %). It is also worth noting the annual decrease in the number of vehicles with MTPL policies by 6.5% and an increase in the average MTPL premium by 5.1%.
The number of MTPL contracts, terminated in 1Q2021, increased 2.5 times compared to the same period last year.
The number of claims in the first quarter increased by 2.3% y-o-y, and the volume of paid claims grew by 9% to AMD 4.5 billion, while the average paid claim amount increased by 6.5%. The MTPL loss ratio at the end of the quarter increased to 88% from 64% in the first quarter of 2020.
According to the 1Q2021 results, ROSGOSSTRAKH Armenia remains the leader in terms of the number of vehicles with valid MTPL policies among insurers, NAIRI Insurance ranks second and INGO Armenia ranks third.
* for the following exchange rate:
1 EUR = 549.08 AMD (01.04.2021)