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Armenia 1Q2022 Market Portfolio
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STATISTICS: ARMENIA, 1Q2022: the number of travel insurance contracts concluded during the quarter recorded, 2.5 times higher y-o-y
The insurance sector of Armenia ended the first quarter of 2022 with GWP worth AMD 20.31 billion (EUR 37.67 million), which is 24.21% more y-o-y. At the same time, paid claims decreased by 13.18% to AMD 6.07 billion, according to the data on the activities of insurance companies provided by ArmInfo.
2 June 2022ARMENIA: MTPL loss ratio decreased in January-April 2022 to 67%
According to the Bureau of Motor Insurers of Armenia, the number of vehicles with MTPL policy increased in January-April 2022 by 11.1% y-o-y (vs 5.5% in the same period in 2019). In quantitative terms, by May 2022, there were already 587,297 such vehicles, ArmInfo reports.
19 May 2022ARMENIA: ROSGOSSTRAKH Armenia holds the lead in terms of net premiums and paid claims
ROSGOSSTRAKH Armenia holds the lead in terms of net insurance premiums, and leads in terms of net paid claims as well, according to the data of the Financial Rating of Insurance Companies of Armenia as of March 31, 2022, prepared by ArmInfo.
10 May 2022ARMENIA: the pilot program for agricultural insurance to be expanded
A decision was made to expand the pilot agricultural insurance program in Armenia so that farmers can insure grain crops, in particular wheat, barley, oats, against the natural risk of drought, ArmInfo wrote referring to the official statement of the Armenian Ministry of Economy.
3 May 2022ARMENIA: tax payments of insurers in 1Q increased by more than 35% y-o-y
According to the 1Q2022 results, the insurance sector of Armenia increased tax payments to the state budget by 35.3% y-o-y, having paid AMD 667.7 million (~EUR 1.25 million), ArmInfo reports according to the State Revenue Committee of the Republic of Armenia.
27 April 2022ARMENIA: MTPL loss ratio in the first quarter approached the level of 2017
For the first quarter of 2022, the number of vehicles with MTPL policy in Armenia increased by 10.4% y-o-y (vs a decline of 6.5% a year earlier and an increase of 3.6% in 2019). This growth is higher than the level of the corresponding pre-Covid period, thus allowed MTPL GWP to exceed the trend of two years ago, ArmInfo reports.
19 April 2022ARMENIA: in January-February 2022, the number of vehicles with MTPL policy increased by 9.8% y-o-y
In January-February 2022, the number of vehicles with MTPL policy in Armenia increased by 9.8% y-o-y (according to the Bureau of Motor Insurers of Armenia) vs a decline of 9.1% a year earlier and an increase of 4.3% in the same period of 2019.
22 March 2022STATISTICS: ARMENIA, FY2021: insurers' business expanded by almost 11% (in local currency)
The insurance sector of Armenia ended 2021 with an increase of almost 11% y-o-y, reaching AMD 49.38 billion (EUR 91.01 million). However, the increase in paid claims more than doubled the GWP increase (almost 23%), their total volume amounted to AMD 28.50 billion (EUR 52.54 million), according to the data on activities of insurance companies provided by ArmInfo.
21 February 2022ARMENIA: profit of the insurance sector decreased by 79.2% in 2021
At the end of 2021, profit of the Armenian insurance sector decreased by 79.2% to AMD 849.4 million (EUR 1.56 million*).
16 February 2022ARMENIA: MTPL tariffs increase for the first time in 10 years
On February 7, 2022, the cost of MTPL policies in Armenia increased, as the decision of the Board of Directors of the Bureau of Motor Insurers of Armenia dated December 23, 2021, aimed at increasing MTPL GWP due to a strong increase in paid claims and unprofitability in the segment last year, came into force, ArmInfo reports.
16 February 2022ARMENIA: Moody's assigns Ba3 rating to Armenia's Export Insurance Agency, outlook stable
Moody's has assigned to the Export Insurance Agency of Armenia (EIAA) insurance financial strength ratings (Insurance Financial Strength Ratings - IFSRs) at Ba3 in foreign and national currencies, with a stable outlook, ArmInfo reports.
25 January 2022ARMENIA: the share of e-MTPL policies in 2021 reached almost a quarter of all MTPL contracts
According to the Bureau of Motor Insurers of Armenia, the number of vehicles with MTPL policy increased by 9.6% in 2021 (after a decline of 12.4% in 2020), however, it is still far from the pre-Covid growth of 18.5% in 2019, ArmInfo reports.
25 January 2022ARMENIA: the share of e-MTPL policies at the end of November almost reached a quarter of all MTPL contracts
According to the Bureau of Motor Insurers of Armenia, the number of vehicles with MTPL policies is gradually recovering growth rates and in January-November 2021 grew by 8.3% y-o-y but is still far behind the "precovid" growth rates of 14.2% over the same period in 2019.
31 December 2021ARMENIA: the number of insurance agreements in agroinsurance has tripled over the year
In 2021, the number of insurance agreements under the pilot agroinsurance program tripled compared to 2020, reaching 4,300 units (vs 1,345 insurance agreements in 2020), as reported by Ira PANOSYAN, head of the Department of Economics for development of agricultural programs, ArmInfo reports.
27 December 2021ARMENIA: in January-September, the number of vehicles with MTPL policy increased by 1.3% y-o-y
According to the Bureau of Motor Insurers of Armenia, the number of vehicles with MTPL policy in January-September 2021 increased by 1.3% y-o-y (vs a decline of 3.6% a year earlier for the same period), however, it is still far behind the pre-covid growth rate of 14.3 % for the same period in 2019.
8 November 2021STATISTICS: ARMENIA, 3Q2021: the market grew by more than 12% - all segments saw positive dynamics
The Armenian insurance sector at the end of 3Q2021 increased by 12.13% y-o-y, reaching AMD 37.93 billion (EUR 68.14 million). At the same time, the increase in paid claims was even more significant - by almost 18% to AMD 20.20 billion, according to the data on the activities of insurance companies provided by ArmInfo.
2 November 2021ARMENIA: taxes paid by insurers from January to September increased by more than 31% y-o-y
From January to September 2021, the volume of taxes paid by Armenian insurers amounted to AMD 2.1 billion (~EUR 3.73 million*), which is 31.3% more y-o-y, ArmInfo reports. Of this amount, AMD 1.8 billion fell on direct taxes (+28.6%).
26 October 2021ARMENIA: number of vehicles with MTPL coverage stagnant; GWP increased by 7% in January-August
According to the Bureau of Motor Insurers of Armenia, the number of vehicles with MTPL policy increased by 1% y-o-y in January-August 2021 (vs a decline of 2.9% a year earlier), however, this growth is still very far from the pre-covid rate of 13% (same period in 2019), ArmInfo reports reports.
29 September 2021ARMENIA: in 1H travel insurance grew by 70% y-o-y
In the first half of 2021, GWP in the travel insurance segment in Armenia increased by 70% (vs a decline of 46.4% a year earlier), reaching AMD 235.9 million (EUR 0.4 million*), ArmInfo reports.
8 September 2021STATISTICS: ARMENIA, 1H2021: GWP increased by about 9.5%, while y-o-y growth of paid claims exceeded 20%
The insurance sector of Armenia in 1H grew by 9.45% to AMD 26.57 billion (EUR 45.06 million). At the same time, paid claims expanded by more than 20% and amounted to AMD 11.30 billion, according to the data on the activities of insurance companies provided by ArmInfo.
24 August 2021
