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.

The largest segment, motor insurance, recorded fairly moderate overall growth rate (only 6%) compared to the others, while its share in the portfolio decreased to 41%. Rapid growth over the three quarters was recorded in property insurance – almost 58%. At the same time, GTPL saw a drop in premiums y-o-y (- 31%).

Insurers paid claims increased by 28%, to AMD 27.23 billion (EUR 65.25 million). They jumped most noticeably in insurance of other damage to property (+423.76%), least of all in Motor Hull (+9.73%), and a decrease was observed in accident insurance and GTPL.

At the end of 3Q2023, 7 insurers were already operating in the Armenian insurance market. EFES company returned to the Armenian market, having registered with the Central Bank at the end of July and received a license for non-life insurance in 13 classes. This company was established in Armenia in 1997, one of the first and most successful. In 2003, a controlling stake in the company (75%) was acquired by the Russian insurer INGOSSTRAKH.

Among the 7 companies in terms of GWP, INGO Armenia is the leader (AMD 14.65 billion), followed by LIGA Insurance with a small margin (AMD 14.24 billion), and NAIRI Insurance closes the top three.

Access xprimm.com and download the latest Armenian insurance market statistics for 3Q2023 in AMD and EUR.