In Jan-June 2016, the net profit of Armenian insurance companies
amounted to 2.6 bln AMD or USD 5.5 mln, with a 74% growth versus
Jan-June 2015. In Q2 alone, the net profit of insurance companies
totaled 1.3 bln AMD, or USD 2.8 mln, with a 0.5% growth versus Q1 due to
42-58% increase in three companies amid 4-53% decrease in the remaining
Rosgosstrakh Armenia insurance company paid 2.5 billion drams in insurance compensation claims for the first six months of 2016. The bulk of the amount- about 1.39 billion drams- were paid as car insurance compensation claims, the company said in a press release.
An accident insurance contract with ROSGOSSTRAKH ARMENIA already can be signed in VTB Bank (Armenia).
Armenia's financial and insurance sectors boasted the highest gross monthly salary in 2016 May -393,102 drams, which was up 4.3% when compared to May 2015, the National Statistical Service (NSS) said.
Services in Armenia's finance and insurance sectors totaled AMD 118.6 billion in Jan-June 2016 showing a 2.2 percent year-on-year growth.
VTB Bank (Armenia) and the Armenian subsidiary of Rosgosstrakh have launched a co-branded, 'exclusive' product consisting in a loan granted by the bank specifically for the purchase of mandatory motor car and CASCO insurance policies provided by Rosgosstrakh Armenia, the bank's press service said in a press release.
In 1Q2016, GWP by Armenian insurance companies increased by 6.7%, to AMD 9.5 billion compared to the similar period of 2015. At the same time, in the analyzing period the volume of claims paid by the insurers dropped by 1.9% and totaled AMD 3.2 billion, according to the ArmInfo Agency based on the companies' reporting in accordance to the IFRS standards.
VTB Bank (Armenia) and RESO insurance company offer new terms for acquisition of 4 types of insurance products (motor third party liability insurance (MTPL) MTPL, MTPL+, health insurance, property insurance), which have been prepared for the customers of VTB Bank (Armenia), who make use of RESO's services.
In Q1 2016 versus Q1 2015, cargo transportation in Armenia grew by 62.9% to 3 164.9 thsd tons, from which 2091.5 thsd tons (66.1% from the total volume) was transportation by road, the National Statistical Service of Armenia reports.
Rosgosstrakh Armenia retains leadership in terms of payouts in motor
third party liability insurance (MTPL) for the 6th year in a row. In Q1
2016, the company paid out 717 mln AMD in MTPL.
Six Armenia-based insurance companies paid a total of 2.5 billion drams in 12,924 car insurance compensation claims in the first four months of 2016, a decrease of 4.2% when compared to the same time span of 2015, a statement posted on the official website of Armenia's Car Insurers' Bureau says.
Six Armenia-based insurance companies earned more than 1.3 billion drams in net profit in the first quarter of 2016, up from 631.6 million drams they had earned in the same time span of 2015, according to ARKA news agency's bulletin "Insurance Companies of Armenia" for the fourth quarter of 2015.
Six Armenia-based insurance companies collected a total of 9.5 billion drams of insurance premiums in the first three months of 2016, a 6.7% year-on-year growth, according to ARKA news agency's 2016 first quarter bulletin "Insurance companies of Armenia."
The list of the 1000 largest Armenian corporate taxpayers in the first quarter of 2016 includes all six insurance companies operating in the country which paid a total of 499 million drams in various taxes, up from 457.4 million drams they had paid for the first quarter of 2015, the State Revenue Committee said.
The loss rate of Armenia's insurance sector stood at 49% in March 2016 showing a one-percent decline, compared with the previous month, the Armenian Motor Insurers Bureau reports on its website.
Benfitiing from the positive results recorded on the voluntary types of insurance, the Armenian insurance market saw a y-o-y GWP increase of 4.3% in 2015. Moreover, it recorded a record net profit in past five years, reaching to AMD 2.5 billion, up by 71% y-o-y, according to ArmInfo News Agency.
The World Bank reviewed its forecast for Armenian economy's growth in 2016, lowering it from 2,2% to 1,9%.
The total assets of Armenia's pension funds managed by two companies stand now at 35.5 billion drams, and the annual yield is 7%, Karen Hakobyan, the head of securities regulation division of the Central Bank's financial system regulation department , said today at a discussion devoted to the funded pension system.
The Central Bank of Armenia has set up a system of differentiated obligatory insurance payments which Armenia's banks transfer to the deposit guarantee fund. According to the press office of the central bank, an appropriate law has been amended to allow the regulator to set higher obligatory payments for banks, depending on degrees of their exposure to risk.
Motorists are sure that after March 1, when amendments in the compulsory
car insurance (APPA by the Armenian abbreviation) system come into
force, problems connected with possible conflicts between drivers
involved in car accidents, will further deteriorate.