From April 2017 new conditions of CVI insurance indemnifications are enforced in Armenia. As Vahan Avetisyan the director of Armenian Motor Insurance Bureau has stated earlier, in 2016 all the necessary technical and procedural backgrounds were created so that from April 2017 CVI insurance certificates holders could receive indemnifications from their insurance company.
Six Armenia-based insurance companies collected a total of 17.8 billion drams in 2016 as premiums for mandatory insurance of vehicles and paid 8.8 billion drams in damage compensation claims, according to ARKA news agency's bulletin "Insurance companies of Armenia" for the fourth quarter of 2016.
Armenia-based six insurance companies earned a total of 4.058 billion
drams in net profit in 2016, up from 2.672.8 billion drams they had
earned in 2015 (51.8% increase), according to ARKA news agency's
bulletin "Insurance Companies of Armenia" for the fourth quarter of
2016. All six companies closed the past year with a profit, whereas in
2015 two companies reported losses.
Iran and Armenia signed a Memorandum of Understanding (MOU) to expand
bilateral insurance cooperation in Yerevan on Thursday, IRNA reported.
The list of Armenia's 1000 largest corporate taxpayers in 2016 includes all six insurance companies, operating in the country, which paid about 2.09 billion drams in taxes, up from 1.77 billion drams they had paid in 2015, the State Revenue Committee said. Some 93% of that amount were direct taxes, the Committee said.
The median gross monthly salary in Armenia in 2016 amounted to 187,850 drams ($391 or 26,127 Russian rubles), which was by 1.7% more than in 2015, according to the figures, released today by the National Statistical Service (NSS).
Fitch Ratings has affirmed Armenia's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B+' with Stable Outlook. The issue ratings on Armenia's senior unsecured Long-Term Foreign Currency bonds have also been affirmed at 'B+'. The Country Ceiling has been affirmed at 'BB-' and the Short-Term Foreign Currency and Local Currency IDRs at 'B'.
Arevshat Meliksetyan, executive director of INGO Armenia, told
journalists on Wednesday, that he expected no consolidations in
Armenia's insurance sector in 2017.
INGO Armenia insurance company will improve the quality of its services
and will offer new products to its clients, Arevshat Meliksetyan,
executive director of the company, told journalists on Wednesday.
A pilot agriculture insurance program will be developed in Armenia next
year, deputy minister of agriculture Armen Harutyunyan said today.
Six Armenia-based insurance companies collected a total of 12.9 billion
drams of premiums for mandatory car insurance in the third quarter of
2016, and paid 6 billion drams in damage compensation claims, according
to ARKA news agency's third quarter bulletin "Insurance Companies of
The net profit of six Armenia-based insurance companies in the first 9
months of 2016 amounted to 3.895.5 billion drams, up from 2.394.1
billion drams they had earned in the same period of 2015, an increase of
62.7%., according to ARKA news agency's bulletin "Insurance Companies
of Armenia" for the third quarter of 2016.
The Yerevan-based VTB Bank (Armenia) has announced today a string of preferential terms for individual customers seeking to obtain gold-secured loans.
In the first six months of 2016, the six active insurance companies of the Armenian market totaled AMD 16.1 billion in premium (note: based on the Central Banks financial standards), while based onIFRS standards local market totaled only AMD 15.8 billion. At the same time the indemnities paid by local insurers reached AMD 6.2 billion, according to ArmInfo News Agency.
Six Armenia-based insurance companies paid a total of 4.8 billion drams in 25,332 car insurance compensation claims in the first eight months of 2016, a decrease of 5.8% when compared to the same time span of 2015, a statement posted on the official website of Armenia's Car Insurers' Bureau says.
Services in Armenia's finance and insurance sectors totaled AMD 139.1 billion in Jan-July 2016 showing a 2.2% year-on-year growth, the National Statistical Service reports.
Armenia's insurance companies expect that their profits will be growing throughout three years and will double by late 2018, the Central Bank of Armenia says in its report 'Possible Developments of Armenia's Banking Sector in 2016-02018' based on programs of prospective development of Armenian banks.
The number of insurance companies in Armenia is expected to reduce over a period between 2016 and 2018 because of mergers or portfolio handovers, the Central Bank of Armenia says in its report 'Possible Developments of Armenia's Banking Sector in 2016-02018' based on programs of prospective development of Armenian insurance companies.
Starting September 1st, 2016, car owners will no longer be required to declare the names of other drivers they allow to drive the vehicles upon buying MTPL insurance, recently said the Bureau of Motor Insurers of Armenia(source: ArmInfo).
Net profit achieved by the six insurance companies operating on the Armenian market amounted to AMD 2.6 billion (EUR 4.9 million) in 1H2016, up by 74% y-o-y in local currency, according to ArmInfo Rating Agency. GWP grew by 4.2% to AMD 15.8 billion (EUR 29.8 million), while claims paid rose by 0.7% to AMD 6.2 billion (EUR 11.7 million).