STATISTICS: ARMENIA, 3Q2020: Insurance market dropped by more than 7% y-o-y, the largest decline being recorded in travel segment

19 November 2020 — Marina MAGNAVAL
According to the 3Q2020 results, GWP of Armenian insurers decreased by 7.37% y-o-y in local currency, to AMD 33.83 billion (EUR 59.17 million). At the same time, it should be noted that the dynamics improved during the third quarter - GWP and paid claims returned to a growing trend, as the results, provided by ArmInfo, show.

The largest decline was observed in travel insurance (-67.45%), which is due to the quarantine restrictions. Negative dynamics were also recorded in cargo insurance, GTPL, and accident insurance. The decline in transactions in the real estate market led to a decrease of property insurance. The least deterioration in dynamics was demonstrated by MTPL (-9.04%) and Motor Hull (-6.19%). MTPL keeps dominating the market portfolio, accounting for 46.45%, followed by health insurance.

The novelty of 2020 is agricultural insurance, offered by three companies (ROSGOSSTRAKH Armenia, INGO Armenia and Sil Insurance), which collected AMD 131 million in 9 months. The agricultural insurance project is still in pilot mode, and the purchase of policies is subsidized by the state in the amount of 50-60%.

Of the six companies in the Armenian insurance sector, a decrease in GWP during the period was recorded by INGO Armenia, RESO and Sil Insurance, although a year earlier INGO Armenia was leading in terms of GWP volume and growth rate. At the end of September 2020, ROSGOSSTRAKH Armenia ranked first in terms of GWP collected with a market share of almost 31%.

Access XPRIMM Database and download the latest Armenian insurance market statistics.

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