Armenia
ARMENIA: MTPL loss ratio increased to 70% by December 1
In the insurance market of Armenia, MTPL loss ratio increased by December 1, 2023 to 70% from 65% a year earlier, ArmInfo writes with reference to data from the Bureau of Motor Insurers of Armenia.
18 December 2023ARMENIA: by November 1, the MTPL loss ratio reached 68%
In the insurance market of Armenia, the MTPL loss ratio by November 1, 2023 reached 68% (vs 64% a year earlier), ArmInfo reports citing the data of the Bureau of Motor Insurers of Armenia.
20 November 2023ARMENIA: by the end of 3Q2023, the net profit decreased by 9.4%
In the insurance market of Armenia, the growth of paid claims continues to accelerate and the GWP growth slows down, as a result market profits began to decline. At the end of 3Q2023, net profit decreased by 9.4% to AMD 3.2 billion (USD 8.2 million), according to the Financial Rating of Insurance Companies of Armenia, prepared by ArmInfo.
20 November 2023STATISTICS: ARMENIA, 3Q2023: both premiums and paid claims in property insurance see the most noticeable growth on the market
At the end of 3Q2023, the insurance sector of Armenia grew by 15.67%, reaching AMD 55.03 billion (EUR 131.85 million), according to the data from the Financial Rating of Insurance Companies provided by ArmInfo.
14 November 2023ARMENIA: health insurance system to be launched from mid-2024
The health insurance system of Armenia will be launched from mid-2024, AMD 18 billion (~EUR 41.86 million) will be allocated for these purposes, according to the Minister of Health Anahit Avinesyan, ArmInfo wrote.
13 November 2023ARMENIA: MTPL loss ratio continued to grow, reaching 66% by October 1
On the insurance market of Armenia, MTPL loss ratio continued to grow and reached 66% as of October 1, 2023 (vs 64% a year ago), ArmInfo reports with reference to the Bureau of Motor Insurers of Armenia.
24 October 2023ARMENIA: by September MTPL loss ratio increased to 65%
MTPL loss ratio began to slowly grow in the Armenian insurance market - by September 1, 2023, on an annual basis, it increased from 63% to 65%, ArmInfo reports.
4 October 2023ARMENIA: the insured land in 2023 compared to 2021 increased by 80%
In 2023, compared to 2021, the number of agroinsurance contracts doubled, and total insured land increased by 80%, ArmInfo writes with reference to the head of the department for designing programs in agriculture of the Ministry of Economy, Ira Panosyan.
25 September 2023ARMENIA: MTPL loss ratio has been at 64% for a year now
On the insurance market of Armenia, MTPL loss ratio has been at 64% for a year, which is much lower than 79% in January-July 2021 and 72% in the same period of 2019, ArmInfo wrote.
11 September 2023STATISTICS: ARMENIA, 1H2023: Health insurance and MTPL lead in the market premium portfolio
The insurance sector ended the first half of 2023 with an increase of 22%, reaching AMD 41.28 billion (EUR 98.55 million). At the same time, the growth of paid claims led to a noticeable decrease in the growth rate of profits of insurance companies in Armenia, according to the data of the Financial Rating of insurance companies provided by ArmInfo.
23 August 2023ARMENIA: tax payments of insurers to the state treasury increase by 10% y-o-y in 1H2023
In 1H2023, the Armenian insurance sector increased tax payments to the state treasury by 10%, providing total of AMD 1.010 billion (~EUR 2.40 million), of which AMD 855.1 million were direct taxes, with an annual growth of 9.2%, ArmInfo reports.
7 August 2023ARMENIA: MTPL loss ratio reaches 64% in 1H
According to the 1H results, the MTPL loss ratio in Armenia stabilized at 64%, having slightly decreased from 65% in the same period of 2022, while much lower than 81% in 2021, and 73% in 2019, ArmInfo reports.
1 August 2023ARMENIA: establishment of the ERC head office in Yerevan to be a major achievement for the country
At its plenary session on June 13, the National Assembly of the Republic of Armenia started discussions on the draft agreement on the establishment of the Eurasian Reinsurance Company (ERC) presented by the Armenian government, ArmInfo reports.
15 June 2023ARMENIA: in January-April 2023, sales of e-MTPL policies slow down from 64.6% to 6.1% y-o-y
From January to April 2023, the MTPL loss ratio in Armenia decreased to 62% vs 67% in January-April 2022, which is even lower than the pre-Covid 73% in January-April 2019, ArmInfo reports.
25 May 2023STATISTICS: ARMENIA, 1Q2023: health insurance remains the largest class (over 37%)
The insurance sector of Armenia in the first quarter of 2023 grew by 17.24% to AMD 23.81 billion (EUR 48.94 million). At the same time, paid claims' growth slightly outpaced premiums and amounted to 18.70%, as shown by the data on the activities of insurance companies provided by ArmInfo.
17 May 2023ARMENIA: in 1Q three insurance companies included into the list of 1000 largest taxpayers
According to the 1Q results, the list of 1,000 largest taxpayers in Armenia included three insurance companies out of six operating in the country, as evidenced by the data of the State Revenue Committee, ArmInfo wrote.
11 May 2023ARMENIA: MTPL loss ratio decreased to 62% in 1Q, while GWP increased by 12.8%
In the first quarter of 2023, MTPL loss ratio in Armenia decreased to 62% (vs 69% a year earlier and 74% in 1Q2019). At the same time, there was an increase in the number of concluded contracts by 17.8%, as evidenced by the data of the Bureau of Motor Insurers of Armenia.
20 April 2023ARMENIA: Changes in the MTPL market in 2022 contributed to GWP growth and reduction of paid claims
The decision of the Bureau of Motor Insurers of Armenia to change pricing mechanisms in the MTPL market in 2022 ensured a decrease in the loss ratio from 79% to 66%. This decision established a single policy of AMD 41 thousand for vehicles without MTPL agreement, regardless of the vehicle brand, engine power and other factors affecting the policy price, ArmInfo writes.
13 April 2023ARMENIA: MTPL market will be fully liberalized on April 1, 2023
From April 1, 2023, MTPL market in Armenia will be completely liberalized, after that government agencies and citizens will have an opportunity to choose insurance companies, considering price/quality.
29 March 2023ARMENIA: in January-February, activity of e-MTPL sales sharply slowed down from 73% to 5.9%
Right before liberalization of MTPL tariffs in Armenia, growth of sales of electronic policies and paper counterparts is slowing down, GWP growth is weakening, but at the same time, a decrease in the number of terminated contracts is observed.
23 March 2023
