STATISTICS: ARMENIA, FY2019: retail insurance accounted for almost 53% of insurers' portfolios

13 February 2020 —
STATISTICS: ARMENIA, FY2019: retail insurance accounted for almost 53% of insurers' portfolios
In 2019, the Armenian insurance market grew by 19.79% in local currency, its GWP amounting to AMD 49.13 billion (~EUR 91.45 million), according to the data of insurance companies, provided by ArmInfo.

The greatest increase was observed in classes such as property insurance (up by almost 31%), motor insurance (Motor Hull and MTPL together increased by almost 22%), as well as GTPL, cargo, travel insurance and others.

Growth of paid claims was a way less than GWP growth (+9.66%). Paid claims amounted to AMD 25 billion (EUR 46.54 million). It's worth noting that paid claims of many insurance classes significantly decreased y-o-y. Considerable decreases were present on accidents insurance (-31.15%), property insurance (-37.29%), Motor Hull, GTPL and travel insurance.

Retail insurance dominated insurers' portfolios (52.8% weight), while the corporate one accounted decreased in weight y-o-y (47.2% in 2019 vs. 48.2% accordingly in 2018), which indicates an accelerated annual growth of the retail segment and a slowdown on the corporate one. The only company with corporate insurance prevailing in its portfolio was INGO Armenia.

Total number of insurance contracts, valid as of January 1, 2020, amounted to 975 859 units (+18% y-o-y). Leadership in terms of concluded contracts per business line was kept by MTPL (over 570 thousand by the end of the year). Among the voluntary classes, the leader in terms of contracts was accidents insurance.

There were 6 companies operating on the Armenian market in 2019. INGO Armenia took the first place in the GWP ranking, increasing its market share up to 28.52%. ROSGOSSTRAKH Armenia ranked second with GWP in the amount of AMD 13.59 billion (EUR 25.31 million) and NAIRI Insurance ranked on the third place, despite its market share decreasing by almost 5% y-o-y.

1 EUR = 537.26 Dram - AMD (December 31st, 2019)

Access and download the latest Armenian insurance market statistics.