STATISTICS: ARMENIA, 1Q2019: market growth slowed down by 30%

23 May 2019 — Marina MAGNAVAL
STATISTICS:  ARMENIA, 1Q2019: market growth slowed down by 30%
Total GWP of Armenian insurers in the 1st quarter amounted to AMD 16.5 billion (EUR 30.28 million), 17.4% more y-o-y in local currency (vs 47.6% a year ago according to the insurer's portfolio data), market results from ArmInfo show.

The largest growth was demonstrated by the property segment (+168.33%), while the largest share of GWP was in health insurance (40.71%), thereby shifting the traditional leader of the motor segment to second place with a market share of 38.81%. Property insurance ranked third with a market share of 9.19%.

Paid claims in the first three months slowed down from 36.9% a year ago to 4.28% and amounted to ADM 5.96 billion (EUR 10.93 million). The largest share in paid claims fell to the motor segment (MTPL and Motor Hull), where insurers paid AMD 3.95 billion (+9.56% y-o-y). MTPL alone accounted for 62.23% of total market paid claims (vs 57.78% a year ago). Second place in terms of paid claims was taken by health insurance (AMD 1.69 billion, +5.72%).

According to ArmInfo's financial rating of insurance companies, the share of individual insurance in 1Q2019 was 34.2%, and corporate insurance - 65.8% (vs 36.8% and 63.2% respectively a year ago). At that, individual insurance growth accelerated from 4.4% to 9%, while corporate insurance growth slowed significantly from 94.5% in 1Q2018 to 22.3%.

The market leader, INGO Armenia, collected GWP worth AMD 5.4 billion with an impressive annual growth of +42.35%. ROSGOSSTRAKH Armenia holds second place with a market share of 28.38%, and third is SIL Insurance. ROSGOSSTRAKH Armenia leads in terms of paid claims in the market (AMD 1.81 billion). According to ArmInfo, in 1Q2019, net profit of insurers amounted to AMD 100.7 million (+39.9%).

*1 EUR = 545.30 Dram - AMD (March 31st, 2019)

Access and download 1Q2019 Armenian insurance market statistics.

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