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ARMENIA: Armenian Bureau of motor insurers celebrates its 10th anniversary
In September 2020 the Armenian Bureau of motor insurers celebrates its 10th anniversary, in connection with that the Bureau has prepared a report on the work done, achievements in MTPL baased on the key indicators, such as procedures for concluding contracts, registrations of accidents, claim payment, as well as MTPL reforms, according to the announcement made on the website of the Bureau.
9 September 2020ARMENIA: in January-July 2020 the share of e-MTPL reached 13% of the total number of contracts in the segment
By the beginning of August 2020, the share of e-MTPL policies in the total number of MTPL contracts in Armenia has tripled and reached 13% (vs 4% a year ago), ArmInfo reports.
2 September 2020ARMENIA: Agroinsurance program has published its first results — ROSGOSSTRAKH is leading in terms of collected premiums
The agricultural risks insurance program was launched in Armenia in September 2019 and already has shown its effectiveness, exceeding the expectations of insurers, according to Levon KOCHARYAN, specialist in agroinsurance and Head of the Underwriting department at INGO Armenia, ArmInfo reports.
27 August 2020STATISTICS: ARMENIA, 1H2020: The economic crisis caused by pandemic squeezed market GWP by almost 8% y-o-y
Armenian insurers ended 1H2020 with a 7.89% decline in GWP year-on-year. Total GWP amount was around AMD 24.28 billion (~EUR 44. 92 million*). Paid claims saw a decrease as well, going down by 4.74% y-o-y to AMD 11.3 billion, according to the results of insurance companies provided by ArmInfo.
13 August 2020ARMENIA: ROSGOSSTRAKH was the leader in terms of agroinsurance GWP and paid claims during 1H2020
For the first half of 2020, the GWP under agricultural risks insurance amounted to AMD 131 million (~EUR 0.24 million*), 82.2% of the GWP being ceded to reinsurance. Paid claims in the segment reached AMD 8.4 million, ArmInfo reports.
3 August 2020ARMENIA: insurers' total income tax increased by more than 37% y-o-y
For the first half of 2020, total taxes of Armenian insurers amounted to AMD 1.2 billion (~EUR 2.22 million*), which is almost 24% more y-o-y. Income tax grew by 37.6% and reached AMD 339.6 million of the total amount of their taxes, ArmInfo reports.
30 July 2020ARMENIA: the share of e-MTPL contracts in 1H2020 increased to 13%
The share of e-MTPL policies from the total number of MTPL contracts reached 13% as of July 2020 (vs 4% a year ago), ArmInfo reports.
23 July 2020ARMENIA: the share of e-MTPL more than tripled y-o-y
The share of electronic MTPL policies in total number of MTPL insurance contracts in Armenia, as of June 2020, increased to 13% from 4% a year ago, the latest data from the Bureau of Motor Insurers of Armenia shows, ArmInfo reports.
24 June 2020STATISTICS: ARMENIA, 1Q2020: Market declined by more than 4% amid insurers' net profit 6.5-fold growth
Armenian insurance market ended 1Q2020 with a decline in GWP by 4.19% y-o-y, the premiums volume amounting to AMD 15.8 billion (~EUR 28.59 million*). The market paid claims increased by 7%, to AMD 6.38 billion (~EUR 11.53 million*), according to the data of insurance companies, provided by ArmInfo.
11 June 2020ARMENIA: MTPL loss ratio decreased 10% y-o-y amid growing number of insured vehicles
In 1Q2020 the number of e-MTPL policies in Armenia increased 3.2 times y-o-y, and their share in total number of MTPL contracts jumped from 3% to 11%, ArmInfo reports with reference to the data of the Armenian Bureau of motor insurers.
7 May 2020ARMENIA: ROSGOSSTRAKH Armenia is leading among insurers in terms of tax payments for 1Q2020
Tax payments of Armenian insurers to the state budget for 1Q2020 decreased by 15.6% y-o-y, to AMD 534.7 million (~EUR 0.97 million).
28 April 2020ARMENIA: January-February MTPL policies number increased almost 6% y-o-y
During January-February 2020, the number of e-MTPL policies in Armenia amounted to 16,448 units, while the share of electronic policies in total number of MTPL agreements reached 11% (vs. 3% a year ago), ArmInfo reports, based on the Armenian Bureau of motor insurers data.
31 March 2020ARMENIA: INGO Armenia switched to remote service
In view of the current situation related of coronavirus, INGO Armenia switched to the emergency mode of remote services, taking into account the decision of authorities to declare state of emergency and social responsibility to its clients, ArmInfo reported with reference to the insurer's press service.
26 March 2020ARMENIA: in 2019 the number of vehicles with valid MTPL policies increased by 18.5%
As the data of the Bureau of motor insurers of Armenia show, the number of e-MTPL contracts in 2019 increased 3.6 times and reached 5% of the total MTPL contracts, ArmInfo reports.
27 February 2020STATISTICS: ARMENIA, FY2019: retail insurance accounted for almost 53% of insurers' portfolios
In 2019, the Armenian insurance market grew by 19.79% in local currency, its GWP amounting to AMD 49.13 billion (~EUR 91.45 million), according to the data of insurance companies, provided by ArmInfo.
13 February 2020ARMENIA: 5 of 6 active insurers in 2019 increased their profit
According to the data of the Financial Rating of Armenian insurance companies, prepared by ArmInfo, total net profit of local insurers in 2019 increased 7.3 times (vs. a decline by 67.6% in 2018), and reached AMD 1.4 billion (USD 3 million).
6 February 2020ARMENIA: over AMD 229 billion required for introduction of the general health insurance
Starting January 1, 2020, income tax amount was reduced and will reach soon 20%. Considering new income tax rates and increased minimum wage amount, citizens of the country will be able to receive extra AMD 1.5 billion (~EUR 2.84 million) monthly, ArmInfo reports.
28 January 2020ARMENIA: new health tax to attract additional resources into healthcare to be introduced
According to the Minister of Health of Armenia, Arsen TOROSYAN, the healthcare sector needs additional resources in the amount of AMD 150 billion (~EUR 283 million); the new health tax of 6% on the wages of the working population might be the source of that, ArmInfo reports.
5 December 2019STATISTICS: ARMENIA, 3Q2019: growth rate of paid claims slowed noticeably from 37.9% to 9.9%
At the end of 3Q2019, Armenian insurance market generated GWP worth of AMD 36.5 billion (EUR 70.3 million), 19.7% more y-o-y. In European currency the market growth looked much more impressive (+28.8%) thanks to a more favorable exchange rate of dram against euro.
21 November 2019ARMENIA: in January-September taxes of the insurance sector decreased by 25% y-o-y
For the first 9 months of 2019, taxes paid by Armenian insurers amounted to AMD 1,211 billion (~EUR 2.33 million), 25% less y-o-y in local currency, ArmInfo reports.
7 November 2019
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