STATISTICS: ARMENIA, 3Q2018: GWP up by 24.27%, more than half of the premiums generated by motor insurance

Based on 3Q2018 results, GWP of the market exceeded AMD 30.5 billion, according to insurers' reports compiled by the information portal ArmInfo. The market y-o-y growth rate was of 24.27%.

Total paid claims of the market amounted to AMD 16.5 billion, increasing y-o-y by almost 38%. Total profit from insurance activity increased by 12.9% (vs decline by 13.9% a year ago). However, net profit of insurers from January to September dropped much more y-o-y - by 77.4% (vs decline by 56.1% a year ago), which, according to the insurance market ranking, made by ArmInfo, was due to the higher growth of paid claims over premiums.

More than half of the GWP volume (51.78%) was generated by motor insurance, at that the share of MTPL reached 46.97%. But MTPL paid claims also saw a much more rapid increase over premiums (21.57% vs MTPL premiums growth by only 4.08%). Second biggest class in terms of GWP is health insurance (market share is 29.86%). Here growth of premiums and paid claims was even more impressive (88.48% and 97.7% accordingly).

According to ArmInfo, the loss ratio during 3Q has increased for in many classes, in comparison with the previous year. MTPL loss ratio increased from 58.5% to 69.6%, in health insurance - from 51.7% to 55.1%. Annual growth of loss ratio was demonstrated also by travel insurance, other damages to property, financial risk insurance, cargo insurance and others. Decline of the loss ratio was reported by Motor Hull (from 68.6% to 68.3%), fire and allied perils (from 9.6% to 6%), as well as by accidents insurance and GTPL.

The first place on the market in terms of net profit was taken by INGO Armenia - AMD 229.6 million (- 25.6%), next goes NAIRI Insurance (AMD 210.6 million; - 45.5%) shifting Armenia Insurance to the third place with its net profit of AMD 190.6 million (- 45.2%). In terms of GWP the leader is ROSGOSSTRAKH Armenia (29.48% market share), followed by INGO Armenia (24.2%) and NAIRI Insurance (19.07%).

*EUR 1 = AMD 559.65 (30.09.2018)

Access www.xprimm.com, and download 3Q2018 Armenia 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