At the end of 3Q2024, the insurance sector of Armenia decreased by 1.50%, amounting to AMD 54.20 billion (EUR 125.09 million), according to the data of the Financial Rating of Insurance Companies provided to ArmInfo.

It is worth noting a strong decline in property insurance (-20.51%), which is the main driver of the negative trend. A decline was also recorded in accidents insurance and health insurance. On the other hand, motor insurance demonstrated a double-digit growth rate in drams (+11%), and its share in the market portfolio exceeded 46%.

Paid claims on the market increased by 17.26%, reaching almost AMD 32 billion (EUR 73.70 million). Their rapid growth was observed in all major insurance classes (double-digit and even triple-digit figures), except for property insurance (-40%) and travel insurance.

According to ArmInfo, the net profit of the Armenian insurance sector at the end of the third quarter amounted to AMD 717.88 million. Of the 7 companies operating in the market, 4 ended the quarter with net profit, and 3 – with a loss. At the same time, only SIL Insurance recorded a y-o-y increase in net profit (+6.2%).

In terms of GWP at the end of 3Q2024, LIGA Insurance was the leader (AMD11.75 billion/EUR 27.12 million), Nairi Insurance ranked second (AMD 9.92 billion), and EFES closed the top-3.

Access xprimm.com and download the latest Armenian insurance market statistics for 3Q2024 in AMD (drams) and EUR.