From January to March 2021, the insurance market of Armenia grew by 3.37% (in local currency), to AMD 16.35 billion (EUR 26.25 million), as the data on the activities of insurance companies provided by ArmInfo show.

The most impressive growth rates are demonstrated by property insurance, which grew by more than 68% y-o-y. At the same time, motor insurance, which accounts for over 37% of the market portfolio, decreased by almost 3% by the end of the first quarter, while health insurance, with a share of approximately 45% of total market GWP, is showing almost stagnation (+1.13%).

Market paid claims increased by 9.58% to AMD 6.38 billion (EUR 11.53 million). The largest portion fell on MTPL, while health insurance ranks second in terms of paid claims volume.

Out of six companies operating on the market, ROSGOSSTRAKH Armenia continues to lead in terms of GWP (AMD 4.87 billion), INGO Armenia is by a small margin in second place, and NAIRI Insurance ranks third. Of all six companies, the most impressive y-o-y GWP growth was demonstrated by INGO Armenia.

Access xprimm.com and download the latest statistics of the Armenian market for 1Q2021.