STATISTICS: ARMENIA, 1H2016: MTPL insurance events below AMD 100,000 may be settled based on the mutual consent of drivers

In the first six months of 2016, the six active insurance companies of the Armenian market totaled AMD 16.1 billion in premium (note: based on the Central Banks financial standards), while based onIFRS standards local market totaled only AMD 15.8 billion. At the same time the indemnities paid by local insurers reached AMD 6.2 billion, according to ArmInfo News Agency.

The 1st of September, 2016 has brought a number of important changes in the motor insurance market:
  • car owners are no longer be required to declare the names of other drivers they allow to drive the vehicles upon buying MTPL insurance.
  • there is a new MTPL tariff in use: "The new MTPL tariff was adjusted on the basis of the five-year motor insurance statistics, as well as were eliminated from tariff calculation the risks as age and experience as driver".
  • MTPL insurance events below AMD 100,000 can be settled based on the mutual consent of drivers, in other cases road accidents will be solved by the traffic police, added Executive Director of Bureau for ArmInfo News Agency.
In is important to note, that about 32% of total accidents can be settled based on amicable report.

Access www.xprimm.com and download the 1H2016 Armenian insurance market statistics.

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

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