In the first half of 2024 the insurance sector of Armenia decreased by 6.32% to AMD 38.67 billion (EUR 93.04 million), according to the data of the Financial Rating of Insurance Companies provided to ArmInfo. At the same time, paid claims skyrocketed by 31.65% to AMD 20.55 billion (EUR 49.44 million).

Many insurance classes recorded a decline - property insurance fell very sharply (-26%), while motor insurance still recorded an increase of 7.78%, with the highest growth rate demonstrated by motor hull. Growth was also observed in cargo insurance and travel insurance.

According to ArmInfo, the net profit of the insurance sector in 1H2024 decreased by 65.3% y-o-y (although it grew by 39% a year ago), amounting to AMD 948 million (USD 2.4 million).

In terms of net profit, Nairi Insurance retained its leadership (AMD 532.6 million), Armenia Insurance moved up to the second position (AMD 365.4 million), and REGO Insurance rose to the third (AMD 189.6 million). INGO, EFES and LIGA Insurance ended the half-year with a loss, total amount of which exceeded AMD 319.8 million.

Meanwhile, in terms of GWP, the leader is LIGA Insurance (AMD 8.4 billion), followed by EFES and Nairi Insurance.

Access xprimm.com and download the latest Armenian insurance market statistics for 1H2024 in AMD and EUR.