Armenia

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Location map

Location:
- Southwestern Asia.
- Neighbours: Turkey, Georgia, Azerbaijan, Iran.

Climate:
- highland continental, hot summers, cold winters.

Natural hazards:
- occasionally severe earthquakes; - droughts.

Macro indicators

* 2018 estimates

Surface:	29,743	km²
Population*:	3.0	million
Pop. density*:	100.5	people/km²
GDP*:	11.0	EUR billion
GDP/capita*:	3,673.4	EUR

Currency: Dram
Code: AMD
Since: 1993

Exchange rates at December 31st:
1 EUR = 553.65 AMD (2018)
1 EUR = 580.10 AMD (2017)
1 EUR = 512.20 AMD (2016)
1 EUR = 528.69 AMD (2015)
1 EUR = 577.47 AMD (2014)
1 EUR = 559.54 AMD (2013)
1 EUR = 532.24 AMD (2012)
1 EUR = 498.72 AMD (2011)
1 EUR = 481.16 AMD (2010)

Sources:

Statistics

Armenia 1Q2019 Market Ranking

Armenia 1Q2019 Market Portfolio

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Latest news

ARMENIA: annual increase to insurer taxes exceeded 11% in 1Q2019

In the first quarter of 2019, Armenian insurers paid 11.8% more y-o-y in taxes. Total taxes of the insurance industry amounted to AMD 633.9 million, of which AMD 542.3 million (86%) fell into direct taxes, ArmInfo reported.

2019-05-30

STATISTICS: ARMENIA, 1Q2019: market growth slowed down by 30%

Total GWP of Armenian insurers in the 1^st quarter amounted to AMD 16.5 billion (EUR 30.28 million), 17.4% more y-o-y in local currency (vs 47.6% a year ago according to the insurer's portfolio data), market results from ArmInfo show.

2019-05-23

ARMENIA: average MTPL loss ratio increased to 64.5%

For the first three months of this year, the average MTPL loss ratio increased from 62.9% to 64.5% (without deduction of reserves) and from 71.1% to 73.7% (with deduction of reserves), according to the Bureau of Motor Insurers.

2019-05-08

ARMENIA: court rejects ROSGOSSTRAKH in the claim for returning RGS-Armenia

The Arbitration Court of the Moscow Region rejected ROSGOSSTRAKH's request to cancel the transaction of the sale of 100% shares of the subsidiary insurer RGS-Armenia to the Cypriot Company Cimarex Management Limited, as reported by TASS Russian News Agency.

2019-04-04

ARMENIA: corporate insurance in 2018 accelerated growth from 8.5% to 28.8%

According to the results of 2018, retail insurance in Armenia amounted to 51.8% or AMD 21.3 billion, while corporate insurance reached 48.2% or AMD 19.7 billion, as data from the Financial Rating of insurance companies of Armenia, prepared by ArmInfo, show.

2019-02-28

STATISTICS: ARMENIA, FY2018: insurers' total net profit down by 67.6% y-o-y due to fast increasing claims expenses

Armenian insurers' GWP reached AMD 41 billion (EUR 74 million) in 2018, according to data provided by ArmInfo. Denominated in local currency, the market's growth seems lower than in euro due to the Armenian dram appreciation (17.36% vs 22.97% in euro).

2019-02-21

ARMENIA: insurers' dissatisfaction with Armenia's Single Window for Automotive platform is growing

Armenian insurance companies are getting increasingly unhappy with the Armenia's Single Window for Automotive (ASWA) platform, designed for handling vehicle insurance-related cases because of suffering additional losses, as Hayk ARAKELYAN, the head of the Union of Insurance Agents, said.

2019-02-14

ARMENIA: the pilot agro insurance program to be launched in March

The pilot agro insurance program will be launched in March, 2019 in 5 regions of Armenia, according to the Deputy Minister of agriculture of Armenia Gegham GEVORGYAN, as ArmInfo wrote.

2019-02-07

ARMENIA: Universal health insurance fund to go live from 2021, based on Estonian experience

From 2021 a Universal health insurance fund will start operations within the frame of the phased introduction of the compulsory health insurance (CHI) system, as Arsen TOROSYAN, the Health minister of Armenia, announced.

2019-01-30

Armenian Nairi Insurance accused of huge tax evasion

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2019-01-29

ARMENIA: in 2018 MTPL GWP increased by about 5.5% y-o-y, while its loss ratio reached 72.5%

MTPL loss ratio in Armenia in 2018 increased from 65% to 72.5%, based on the data of the Armenian Bureau of Motor insurers.

2019-01-23

Car insurance rates to rise in Armenia, protest outside government building

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2019-01-18

ARMENIA: export insurance in 2018 increased by 73%

In 2018 export insurance recorded a significant growth. Total insured amount was AMD 7.9 billion (+73% y-o-y), at that total insurance premiums exceeded the planned level for 2018-2020 by 31%, as the press office of the Export Insurance Agency of Armenia announced.

2019-01-18

ARMENIA: for January-September 2018 insurers paid taxes by almost 24% less y-o-y

Tax payments of Armenian insurers for January-September 2018 decreased by 23.8% y-o-y. Including direct taxes (such as profit tax and income tax), which dropped by 26.3% y-o-y, as ArmInfo wrote.

2019-01-09

Armenia introduces insurance system in agriculture sector

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2018-12-02

Armenian insurance companies post 77% drop in net profit

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2018-11-27

VTB Bank (Armenia) and SIL Insurance launch joint mortgage lending program

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2018-11-19

Agricultural insurance program to gradually expand coverage in Armenia

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2018-11-19

VTB Bank offers deposit accounts for all segments of population along with improving its line of products

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2018-11-05

STATISTICS: ARMENIA, 3Q2018: GWP up by 24.27%, more than half of the premiums generated by motor insurance

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%.