At the end of 3Q2019, Armenian insurance market generated GWP worth of AMD 36.5 billion (EUR 70.3 million), 19.7% more y-o-y. In European currency the market growth looked much more impressive (+28.8%) thanks to a more favorable exchange rate of dram against euro.

According to the market data, provided by ArmInfo, GWP growth slowed down from 24.3% a year ago to 19.7%, and paid claims even more strongly demonstrated a slowdown - from 37.9% in 3Q2018 to 9.9% in local currency by the end of September 2019. Total paid claims amounted to AMD 18.2 billion (EUR 34.9 million).

As 3Q2019 results show, individual insurance exceeded the market share of the corporate one in insurers' portfolios and reached 50.3% of total GWP (AMD 18.4 billion), the share of corporate insurance dropping slightly to 49.7% (or AMD 18.1 billion).

Among insurance classes, in terms of GWP, the market leader was MTPL (47.3%) with its GWP growth of 20.5% y-o-y, followed by health insurance (27.4% of total GWP), and property segments (8.34% for both fire and allied perils and other damages to property summed up).

As for the paid claims, the largest growth rate y-o-y was observed in cargo insurance (+221.12%). The second place was held by health insurance where paid claims growth rate significantly slowed down compared to 3Q2018 (+15.8% from +97.7% a year ago). MTPL held the third place considering the paid claims growth rate, which decreased slowly compared to the same period a year ago. Experts note that many classes have reversed their paid claims dynamics, from a growing trend to a declining one, like in the case of accidents insurance (-43.4%), overall property insurance (- 47.1%), and others.

Armenian insurance market was represented by 6 companies at the end of the third quarter. INGO Armenia had the biggest number of licenses (16 insurance classes) and according to their results after three quarters, the company continues to be on the top in terms of GWP (AMD 11.0 billion; about +50% y-o-y). ROSGOSSTRAKH Armenia ranked 2^nd (GWP: AMD 10.2 billion) while NAIRI Insurance was the 3^rd (GWP: AMD 5.2 billion).

Based on the Financial Rating of Armenian insurance companies, processed by ArmInfo, we can see that 5 out of 6 insurers (with the exception of RESO) recorded growth of paid claims side. ROSGOSSTRAKH Armenia was the leader in terms of paid claims, amounting AMD 5.3 billion, despite being the second insurance company in terms of GWP, as mentioned above.

Total number of insured events increased by 16.7% (to 252.8 thousand), with the largest part (194.9 thousand) falling to health insurance, while 55.2 thousand of insured events were registered in MTPL line of business. The third class with the highest number of insured events in the reporting period was Motor Hull.

1 EUR = 519.81 Dram - AMD (September 30th, 2019)
1 EUR = 559.65 Dram - AMD (September 30th, 2018)

• Armenia 3Q2019 Market portfolio and ranking (in EUR and AMD):
  • GWP
  • Paid claims
  • Growth rates
  • Market shares