In the first half of 2015, GWP by the Armenian insurance companies increased by almost 2%, to AMD 16,004 million. At the same time there was recorded a significant decrease of the paid indemnities, by 55%.
VTB Bank (Armenia) has unveiled today new four types of insurance
products, which it said were designed to make the everyday life of its
clients more comfortable, saying some of them are 'unique' in the
By Jul 1, 2015 insurance companies' assets totaled 39 bln AMD with 5.1% yoy fall. In Q2 the decrease indicator totaled 2.8%. By
the Ranking of insurance companies of Armenia, prepared by ArmInfo News
Agency, four of the six operating companies registered a fall with RESO
taking the first place - 25% (amid 6.9% quarter decrease). Ingo
Armenia's assets decreased by 9.6% (amid 4.5% quarter fall). Nairi
Insurance was registered to have 2.6% fall (amid 8.9% quarter growth),
while Rosgosstrakh Armenia reduced its assets by 2% (amid 5.1% quarter
decrease). Sil Insurance has shown 20.3% yoy growth (amid 4.6% quarter
growth) and Armenia Insurance - 2.5% growth (amid 6.2% quarter fall).
As of Jul 1, 2015 the net worth of the 6 operating insurance companies
in Armenia totaled 14.9 bln AMD with a 4.5% yoy growth. In Q2 the
indicator decreased by 1.2%. By the Ranking of the Armenian insurance
companies, prepared by ArmInfo News Agency, 87,6% or 13.1 bln AMD
accounted for the registered capital in the net worth structure.
Armenia's Car Insurers' Bureau has selected three winners of a contest
for the best amateur video about the mandatory insurance of vehicles,
the director of the Bureau Artem Nazaryan said today at an event
marking its fifth anniversary.
Six Armenia-based insurance companies paid a total of 3.4 billion drams
in 16,423 car insurance compensation claims in the first five months of
this year, a decrease of 16% compared to the first five months of 2014, a
statement posted on the official website of Armenia's Car Insurers'
"Sil Insurance" company has replenished its authorized capital by 500
mln AMD. The company's press-office has informed ArmInfo the decision
was taken during the special meeting of the shareholders.
The compulsory types of insurance, which habituate people to correct
perception of insurance, stimulate the development of the insurance
market. This originates the need for voluntary insurance types, Samvel
Grigoryan, CEO of RESO insurance company, has told ArmInfo.
The demand for the motor third party liability (MTPL) insurance will not
decline even if it suddenly becomes voluntary, because the car owners
realize how beneficial the MTPL insurance is, Samvel Grigoryan, CEO of
RESO insurance company, has told ArmInfo.
If in the first half of 2014, the Armenian insurance market stagnated, despite a certain growth of the key indicators, for the entire 2014, the market's results significantly deteriorated. Namely, gross written premiums decreased by nearly 13%, compared with claims that increased almost twice (22.86%). The largest growth of claims, 138.51%, was reported on the accident insurance segment, the most popular type of insurance in Armenia.
All six Armenia-based insurance companies paid 504.4 million drams in
2,537 car insurance compensation claims in the first month of 2015, a
drop of 19.5% compared to the first month of 2014, a statement posted on
the official website of Armenia's Car Insurers' Bureau says.
According to the latest data published by ArmInfo News Agency, for the Q32014, Armenian insurance companies issued 244,201 policies, up by 6.1% compared to the similar period of 2013. Thus, the total number of valid insurance policies grew by 1.6% to 628,202.
The Armenian ministry of agriculture together with Ingo-Armenia
insurance company will launch a pilot cattle insurance program next year
in the southern Vayots Dzor province, agriculture minister Sergo
Karapetyan told a news conference today.
Armenia's finance and insurance companies boasted the highest median
gross monthly salary in September 2014 - 353,383 drams- a 1.7 percent
rise form the same time span in 2013, according to the latest numbers,
released today by the National Statistical Service (NSS). The
second and third highest gross monthly salaries were reported by IT and
communications companies -329,600 drams and the mining industry -320,100
The livestock insurance pilot project to be implemented in Vayots Dzor
of Armenia will be the first agriculture insurance program in the
country, deputy minister of agriculture Samvel Galstyan said. The
minister of agriculture Sergo Karapetyan personally negotiated with a
number of countries and international organizations on the project, he
told a press conference on Tuesday.
Armenian insurance companies collect around 14-15 billion drams annually
in mandatory car insurance premiums, according to Misak Babajanyan, the
executive director of Armenia's Car Insurers Bureau.
Introduction of compulsory insurance of agricultural risks in Armenia is
economically unreasonable, deputy chairman of the Central Bank of
Armenia, Nerses Yeritsyan, said today when speaking at a conference
devoted to Armenian insurance market.
In January -June 2014, gross written premiums recorded by the Armenian insurance market totaled AMD 15.6 billion; going down by 38% compared with the results of the 1st half of 2013 when insurance companies had collected AMD 21.6 billion in premiums.
All seven Armenia-based insurance companies paid a total of 6.3 billion
drams in 33,129 car insurance compensation claims in the first eight
months of this year, a decrease of 7.1% compared to the first eight
months of 2013, a statement posted on the official website of Armenia's
Car Insurers' Bureau says.
Six of the seven Armenia-based insurance companies were among the 1000
largest corporate taxpayers in the second quarter of 2014, having paid a
total of 1.2 billion drams in various taxes, according to the State
Revenue Committee (SRC).