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.

Share |

Related articles

ARMENIA: launch date of agro insurance project is not yet determined

The Agricultural Ministry of Armenia previously announced that around the end of 2018 and beginning of 2019, insurers would start to sell agro insurance policies. However, as of now, launch of the agro insurance project is not yet determined and no memorandums are signed with insurers, as member of the Agricultural Alliance and Council to the CEO of NAIRI company, Artak MARTIROSYAN, announced.

2018-10-24

Armenia: insurance market grew by 47.6% after Q1

During the first 3 months Armenian market generated AMD 14.1 billion of premiums, which is 47.6% more than e year before, paid claims amounted to AMD 5.7 billion (+36.9%), according to ArmInfo agency.

2018-05-17

ON THE MOVE

IGI appoints its first Chief Technology Officer

International General Insurance Holdings Limited (IGI), the international specialist commercial insurer and reinsurer, has announced the appointment of Nasser ZAGHA to the newly-created role of Chief Technology Officer.

15.11.2018

TOP EVENT

Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.

06.11.2018

IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.

05.11.2018

See all