ARMENIA: the share of e-MTPL policies at the end of November almost reached a quarter of all MTPL contracts

31 December 2021 — Marina MAGNAVAL
According to the Bureau of Motor Insurers of Armenia, the number of vehicles with MTPL policies is gradually recovering growth rates and in January-November 2021 grew by 8.3% y-o-y but is still far behind the "precovid" growth rates of 14.2% over the same period in 2019.

At the same time, in quantitative terms, in January-November it was possible to approach the "precovid" level - 567.868 thousand units (vs 584.820 thousand units 2 years ago), ArmInfo writes.

The growth in the number of MTPL contracts concluded also resumed growth, coming out of the decline to an increase of 10.3%, however, is still far from the 26.2% growth two years ago. GWP exceeded AMD 19.6 billion/EUR 36.25 million* (vs the "precovid" AMD 20.5 billion).

High activity of sales of e-MTPL policies (206,177 units) remains, despite a slowdown in growth over the past two years from 3.6 times to 77.2%. As a result, the share of e-policies in the total number of MTPL contracts increased from the "precovid" 5% to the reporting 23%.

The number of claims in January-November 2021 increased by 16.1% y-o-y (vs a 13.8% decline a year earlier and a 15.9% growth two years ago). Total amount of paid claims reached AMD 14.9 billion (+13.7% y-o-y vs a 7% decline a year ago and 11.6% growth two years ago).

In Jan-Nov 2021 MTPL loss ratio increased to 78% from 63% in the same period of 2020, while in the "precovid" similar period, there was a decrease to 72%.

ROSGOSSTRAKH Armenia continues to be the leader in the number of vehicles with MTPL policies, while NAIRI Insurance ranks second, and INGO Armenia - third. ROSGOSSTRAKH Armenia also holds the lead in terms of its share in the market MTPL GWP - 30.7% (vs 33.6% a year earlier) and in terms of its share in paid claims - 31.83% (vs 32.6% a year earlier).

*1 EUR = 540.61 AMD (01.12.2021)

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