In the first nine months of 2017, the gross written premiums on the MTPL insurance segment in Armenia increased by 4.6%, to AMD 13.9 billion. By comparison, in the 3Q2016/3Q2015 period, the growth was 1.7%.
About USD 5 million will have been invested in agricultural insurance in the next three years, agriculture minister Ignaty Arakelyan said today during a parliamentary discussion of the 2018 draft budget.
Armenian motorists are now able to conclude mandatory insurance of their vehicles with any insurance company online at a 5% discount on insurance premiums, the Bureau of Car Insurers of Armenia said today.
The total net profit of Armenian insurance companies for 9 months of 2017 fell by 56.1% per annum (against growth of 62.7% a year earlier), amounting to 1.7 billion AMD or USD 3.6 million.
Armenia might have a mandatory agricultural insurance system in place, in about 3 to 5 years, an official of the specialized minister stated to the press, reports Arka News Agency.
Ingo-Armenia, a division of the Russian insurance company Ingostrakh,
plans to take the leading positions in the Armenian market, Ingosstrakh
CEO Mikhail Volkov told journalists in Yerevan on Friday.
In 2018, a mobile version of the registration of insurance cases for the
Euro-protocol (according to the simplified scheme) will be introduced
to maximize the convenience of drivers when registering accidents. Vahan
Avetisyan, Executive Director of the Armenian Auto Insurers' Bureau,
told ArmInfo correspondent that at present the application is at the
stage of registration of the technical assignment.
In 1H2017, Armenian insurance market increased by 5.27%, mainly due to
the implementation of several large economic projects which triggered
the significant increase in accident insurance (54.59%) and CARGO
VTB Bank (Armenia) and the insurance company Rosgosstrakh Armenia represent a new product - real estate insurance "Clean House". As the press service of the Bank told ArmInfo, the cost of the "Clean House" package is 13.5 thousand drams, the total insurance sum is 1 million drams.
Six insurance companies operating in Armenia earned a total of 1.26 billion drams in net profit in the first six months of this year, down from 2.62 billion they had earned a year earlier. The drop amounted to 51.6%, according to "Insurance Companies of Armenia," a quarterly bulletin, issued by ARKA news agency.
A delegation of the global insurer ALLIANZ led by Antoine ISSA, Regional Director for Middle East and South Africa has recently met the Armenian Minister of finance Vardan ARAMYAN, to assess the business prospects on the local market.
The Central Bank of Armenia issued a license to RESO Insurance Company for two new classes - aviation insurance and liability from its use. As the press service of the Central Bank of Armenia told ArmInfo, the decision was made on August 4 at a meeting of the Council of the Central Bank.
The insurance sector of Armenia paid 1.5 billion drams in the first half of 2017, exceeding the figure of the previous year by 36.4%. Of this amount, 1.4 billion drams fell on direct taxes (including income tax and income tax), which is 40% higher than last year's figure. According to the RA State Revenue Committee, in the list of 1000 largest taxpayers of Armenia, according to the results of the first half of 2017, all 6 insurance companies operating on the market were included.
The share of retail insurance in the portfolios of premiums of Armenian insurers for the first half of 2017 was 54.6% (9.3 billion drams), corporate - 45.4% (7.7 billion drams). At the same time, the capacity of the retail insurance market improved the annual trend from negative 3.9% to positive 2.7%, while the growth rate of corporate insurance accelerated from 7.3% to 8.5%.
VTB Bank (Armenia) has lowered interest rates on car loans, the press office of the bank reported on Monday. Now the bank clients will borrow the money necessary for buying cars at interest rates beginning from 14%. The bank also offers lending for already imported cars, which are brought to Armenia within 30 days before applying for car loans.
The Central Bank of Armenia, jointly with the country's government, is planning to work out a program of midterm development of insurance market for expanding pension system.
Net profit of six Armenia-based insurance companies in the first quarter
of 2017 slashed by 60.3% year-on-year to 518.9 million drams, according
to ARKA news agency's quarterly bulletin "Insurance Companies of
Armenia" for the first quarter of 2017.
The 5% GWP growth recorded by the Armenian insurers in 2016 was mainly due to the national cars fleet's expansion and to the implementation of several large economic projects.
VTB Bank (Armenia) as an agent of leading insurance companies offers beneficial insuring products, the clients can get in the Bank without visiting the insurance companies' offices, Bank's press-service informed ArmInfo.
The Central Bank of Armenia has qualified Armeconombank OJSC and SIL
Insurance CJSC as a financial group - SIL Multifunctional Financial