STATISTICS: ARMENIA, H1 2018 result: growth of paid claims exceeded growth rate of premiums and amounted to almost 35%
The best growing trend of premiums during the first six months had health insurance (+112.13%) and accidents insurance (+98.79%). Growth of other classes was rather moderate: property insurance increased only by 7.83%, motor insurance remained almost unchanged with a slight increase in Motor Hull, and premiums of cargo insurance even dropped by 16.07%.
Paid claims in the first half year in the total market exceeded premiums' growth rate a lot, at that some classes' claims growth rate amounted to even more than 1500% (for example, GTPL and other damages to property). Paid claims in cargo insurance had an opposite trend and decreased (-46.36%), repeating the trend of premiums in this class.
Market share of the main classes, compared to the first half year of 2017, saw different trends. The share of motor insurance in general dropped from 61.63% to 47.95%, MTPL market share, in particular, also dropped to 43.48% (vs 56.18% a year ago), and the market share of health insurance, on the contrary, went up to 35.15%.
Armenian market is represented by 6 companies. According to the six months' result of GWP and paid claims the market leader is ROSGOSSTRAKH Armenia (market share is 28.77%), followed by INGO Armenia with a market share of 24.42% and NAIRI Insurance with a market share of 19.41%. However, among all insurers the highest growth rate was demonstrated by ARMENIA Insurance (premiums' growth rate is 64.67%). In contrast with total market's positive GWP trend, total net profit of local insurers dropped by 65.1% (vs decrease by 51.6% a year ago). Based on the ranking of Armenian insurers, prepared by ArmInfo, deterioration in annual trends was caused by the above mentioned higher growth rates of paid claims over premiums.
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