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%.