STATISTICS: ARMENIA, FY2017: claims expenses went up at a significantly higher pace than GWP

Claims expenses growth exceeded by far the GWP increasing pace in 2017, in the Armenian market. Thus, while paid claims went up by 24.9% - against 4.9% growth in 2016 -, GWP saw a y-o-y growth rate of only 6.2%, slightly improved as compared with the previous year (5%).

Thus, GWP amounted to AMD 34.9 billion (EUR 60.25 million), while total paid claims amounted to AMD 17.76 billion (EUR 30.62 million), as provided in their official reports under the standards of the Central Bank of the Republic of Armenia. According to the insurance companies' ranking, prepared by ArmInfo, all 6 insurers recorded an annual growth of claims, the biggest claims' growth rate being showed by RESO - 55.5%.

From the point of insurance classes, the biggest y-on-y growth rate of claims was recorded by public liability - 10 times increase, property - 2.6, cargo - 2.1, MTPL class had a rapid increase up to 32.7% from 3.4% in 2016, but Motor Hull had an opposite trend - declining rate to 1.2% from 6.9% in 2016. Rising trend also had: travel insurance - by 27.8%, property fire and natural disasters insurance - by 21.7%, health insurance up to 17.8% from 5% in 2016 mostly due to launch in October 2017 of compulsory medical insurance. Other classes showed annual declining trend, for example, financial risks - by 42.5%, accidents - by 20.8%.

In 2017 Armenian insurers reported in general over 203 thousand insurance events, the major part is in medical insurance - about 140 thousand events and MTPL - about 59 thousand events.

Armenian insurance market is represented by 6 companies working in 17 insurance classes. INGO Armenia has the biggest number of licensed classes - 16.
 

Access www.xprimm.com and download the FY2017 Armenian Republic insurance market figures

1 EUR = 580.10 AMD (31.12.2017)

Information provided by Karina MELIKYAN, Head of the Rating service (ArmInfo)
Share |

Related articles

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

Three new appointments at XL Catlin insurance operations

XL Catlin insurance operations announced on 4 June three appointments: Donnacha SMYTH as President Global Excess Casualty Insurance; Carla GREAVES as Chief Underwriting Officer, Global Excess Casualty; Aurelie FALLON SAINT-LO as Senior Underwriter, Environmental and Client & Distribution Leader for Western France.

07.06.2018

TOP EVENT

LIVE: BAKU: "Insurance in Azerbaijan: New perspectives" Conference

The annual and most important insurance event within the Caucasus region - "Insurance in Azerbaijan: New perspectives", started today, in Baku, organized by XPRIMM and Azerbaijan Insurers Association, with the official support of the Financial Market Supervisory Authority of Azerbaijan.

20.06.2018

5th Annual Insurance Business Forum "Challenges of the Year 2018"

will take place on September 17-21, 2018 in Sochi
The upcoming Forum, supported by the All-Russian Union of Insurers (ARIA), will logically continue a detailed discussion of the most pressing issues previously raised at ARIA events in 2018: Insurance and Reinsurance International Congress in Moscow and Insurance International Conference in St. Petersburg.

12.06.2018

See all