The insurance sector of Armenia ended 2021 with an increase of almost 11% y-o-y, reaching AMD 49.38 billion (EUR 91.01 million). However, the increase in paid claims more than doubled the GWP increase (almost 23%), their total volume amounted to AMD 28.50 billion (EUR 52.54 million), according to the data on activities of insurance companies provided by ArmInfo.

A double-digit GWP increase was recorded in such segments as accident insurance, health insurance, other damages to property, Motor Hull, GTPL, cargo. It is worth noting that gradual lifting of restrictions related to the pandemic contributed to the growth of travel insurance, where an increase was the most impressive (+208%).

Paid claims saw rapid growth in many types of insurance, and most of all in property insurance (+819%). However, in some cases there has been a decline, such as in cargo insurance, GTPL, etc.

Among the six operating insurance companies, ROSGOSSTRAKH Armenia continues to lead (AMD 14.08 billion). INGO Armenia keeps its second place (AMD 12.46 billion). According to the FY results, NAIRI Insurance had the highest increase in premiums (+18.66%), while the market leader had the lowest growth (+6.06%).

Access xprimm.com and download the latest Armenian insurance market statistics.