STATISTICS: ARMENIA, 1H2014: The loss ratio on MTPL insurance is 60%

In January -June 2014, gross written premiums recorded by the Armenian insurance market totaled AMD 15.6 billion; going down by 38% compared with the results of the 1st half of 2013 when insurance companies had collected AMD 21.6 billion in premiums.

At the same time, it should be noted that the size of claims paid by insurers increased by 46% compared with 1H2013, according to data presented by the ArmInfo News Agency.

In the first half of 2014 there were 7 companies on the market, but the following reports will be published without the data about GARANT Insurance due to the process of merger with ROSGOSSTRAKH Armenia.

The most profitable segment is property insurance and its profitability is 80-85%. Cargo insurance recorded a relatively high efficiency.

Emmanuil MKRTCHYAN, General Director, ArmInfo News Agency noted as one of the trends of the local marketthe loss ratio on MTPL insurance. According to official data, the loss ratio on MTPL insurance is 60%, while insurance companies estimated this index at 70-75%. Thus, there is a possibility of further consolidation of MTPL insurance, especially that this type of insurance in the companies'portfolio exceeds 50% and in some cases 60%. The most unprofitable segment of the insurance market of Armenia, as noted above, is MTPL insurance.

Access www.xprimm.com and download the 1H2014 Armenian insurance market statistics.

Market portfolio & market rankings (in EUR and AMD):
  • GWP
  • Claims
  • Growth rates
  • Market shares

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

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