Based on 3Q2018 results, GWP of the market exceeded AMD 30.5 billion, according to insurers' reports compiled by the information portal ArmInfo. The market y-o-y growth rate was of 24.27%.
The Agricultural Ministry of Armenia previously announced that around the end of 2018 and beginning of 2019, insurers would start to sell agro insurance policies. However, as of now, launch of the agro insurance project is not yet determined and no memorandums are signed with insurers, as member of the Agricultural Alliance and Council to the CEO of NAIRI company, Artak MARTIROSYAN, announced.
On September 4, the Minister of economic development and investments of Armenia, Artsvik MINASYAN, discussed partnership in export insurance with the chief insurance officer of Malakut-Trade Credit Insurance, Audrius ROSINASI, and Magnus NIGZHET, a Swiss Re representative, responsible for the export insurance line in Armenia, said ArmInfo.
Armenian market increased in local currency by 29.64% to AMD 22 billion (~EUR 39 million) in 1H2018, based on the data of ArmInfo portal. At that, growth rate of paid claims exceeded premiums and amounted to 34.91%.
In Armenia as of July 1 this year loss ratio in MTPL and health insurance increased (from 55.6% to 67% and from 41.7% to 42.5% respectivelly), and Motor Hull saw an opposite trend- decline of loss ratio (70.6% vs 78.6% compared to the same period last year), wrote ArmInfo portal.
Based on the 1H2018 results, the growth rate of corporate insurance lines significantly increased from 8.5% to 58.2%, outperforming the individual insurance segment (2.7% to 6% increase), so that the share of this insurance in portfolio of local insurers reached 55.3%, wrote ArmInfo portal.
In Q1 2018 Armenian insurers generated about 14 billion AMD of premiums, while in European currency this volume amounted to almost EUR 24 million, according to the information provided by ArmInfo news agency.
The Head of the Armenian office of the World Health Organization (WHO), Egor ZAYTSEV announced that WHO will render technical assistance to Armenia in expansion of health insurance, as informed by ArmInfo.
During the first 3 months Armenian market generated AMD 14.1 billion of premiums, which is 47.6% more than e year before, paid claims amounted to AMD 5.7 billion (+36.9%), according to ArmInfo agency.
MTPL loss ratio may amount to 70% by the end of 2018, said ArmInfo with reference to the market forecast of the General Manager of the Armenian Bureau of Motor Insurers, Vaan AVETISYAN.
Claims expenses growth exceeded by far the GWP increasing pace in 2017, in the Armenian market. Thus, while paid claims went up by 24.9% - against 4.9% growth in 2016 -, GWP saw a y-o-y growth rate of only 6.2%, slightly improved as compared with the previous year (5%).
The share of retail insurance in the portfolios of premiums of Armenian insurers amounted to 56.1% (19.6 billion AMD), corporate - 43.9% (15.3 billion) in 2017. At the same time, the capacity of the retail insurance market accelerated the upward trend to 4.5% from 0.2% in 2016, and, at the same time, corporate insurance growth slowed to 8.5% from 12.1% in 2016. Before the introduction of OSAGO in Armenia, as well as compulsory individual health insurance of state employees, the share of corporate insurance significantly prevailed over retail.
In 3Q 2017, gros premiums written by the local insurers have grown slightly, by 3.78%, to AMD 24,562.59 million (EUR 43.5 million), according to ArmInfo Agency data.
VTB Bank (Armenia) unveiled today a new offer, called 'Privilege,' which it said was designed for its preferred customers. The new product is based on Visa Platinum premium cards, the bank's press service reported.
The volume of accrued insurance premiums for compulsory motor third party liability insurance amounted to 13.9 billion AMD in the first 9 months of 2017, an increase of 4.6% over the year, versus growth of 1.7% a year ago. At the same time, the volume of insurance claims paid was 8.2 bln AMD, with a sharp output of the annual dynamics from a 1.6% decline to a 34.4% increase. This is evidenced by monthly reports published by the Bureau of Motor Insurers of Armenia on OSAGO.
The Armenian insurance sector paid 2.1 billion AMD or 4.4 million AMD for January-September 2017, exceeding the figure of 31.3% a year ago. Of this amount, 1.9 billion AMD fell on direct taxes (including income tax and income tax), which is 26.7% higher than last year's figure.