STATISTICS: ARMENIA, 1H2021: GWP increased by about 9.5%, while y-o-y growth of paid claims exceeded 20%

24 August 2021 —
The insurance sector of Armenia in 1H grew by 9.45% to AMD 26.57 billion (EUR 45.06 million). At the same time, paid claims expanded by more than 20% and amounted to AMD 11.30 billion, according to the data on the activities of insurance companies provided by ArmInfo.

In terms of the number of contracts concluded, among the classes the leading position is held by MTPL - the number of existing contracts in which by July 1 exceeded 507.3 thousand. Of the voluntary classes the most demanded is accident insurance, the number of existing contracts in which exceeded 218.5 thousand by July 1, 2021. The next in demand in terms of the number of existing contracts for the first six months is health insurance (66.6 thousand), followed by property insurance (fire and allied perils, other damages) - over 59.5 thousand contracts, ArmInfo noted.

A significant GWP increase is observed in property insurance (almost 53%). It should be noted that this segment was distinguished by the most rapid growth in paid claims - from AMD 46.51 million a year earlier to AMD 834.53 million at the end of the first half of 2021.

Of the six companies operating on the market, ROSGOSSTRAKH Armenia holds the lead in terms of GWP volume (AMD 7.60 billion), followed by INGO Armenia by a small margin, and the market shares of these two companies are practically the same (only 0.60% difference).

Access and download the latest data of the Armenian insurance market statistics.