The 5% GWP growth recorded by the Armenian insurers in 2016 was mainly due to the national cars fleet's expansion and to the implementation of several large economic projects.

The GWP growth was also influenced by the decision of the Eurasian Economic Commission to introduce the compulsory professional liability insurance for customs brokers and cargo carriers.

Yet, motor insurance remains the main business line, accounting for than 60% of the overall market portfolio. Importation into the country of about 15 thousand cars, mostly second-hand contributed to the MTPL's portfolio share increase.

On the other hand, since September, a noticeable growth of losses was recorded, the number of registered insurance events on MTPL insurance increasing overall mostly because of the introduction of the amicable report system.

Find detailed 2016 market data in the forthcoming edition of the XPRIMM Insurance Report CEE, SEE & CIS - FY2016, to be launched on 22 May.

Access www.xprimm.com and download the FY2016 Armenian insurance market statistics.