STATISTICS: ARMENIA, FY2020: the market decreased by more than 9% y-o-y (in local currency)

11 February 2021 —
At the end of 2020, GWP of Armenian insurers decreased by 9.33% y-o-y to AMD 44.54 billion (~EUR 69.49 million), according to the data on the insurance companies, provided to ArmInfo.

Among the main classes of insurance, the decline was observed in all, except for health insurance (+5.21%) and other damages to property (+4.97%). Motor insurance, which occupies more than half of the market portfolio, decreased to AMD 23.53 billion. The biggest decline due to the pandemic was demonstrated by travel insurance - by almost 74% y-o-y.

Market paid claims also decreased and amounted to AMD 23.19 billion in total. However, it is worth noting a significant increase in paid claims in property insurance, by more than 71%, as well as in accident insurance.

Out of six companies operating in the market, ROSGOSSTRAKH Armenia became the leader having moved from the second place, with a GWP worth 13.28 billion, and INGO Armenia moved down and ranked second with an annual GWP decrease of more than 21% y-o-y (to AMD 10.99 billion).

Access XPRIMM Database and download latest Armenian insurance market statistics.