ARMENIA: January-February MTPL policies number increased almost 6% y-o-y

31 March 2020 — Marina MAGNAVAL
During January-February 2020, the number of e-MTPL policies in Armenia amounted to 16,448 units, while the share of electronic policies in total number of MTPL agreements reached 11% (vs. 3% a year ago), ArmInfo reports, based on the Armenian Bureau of motor insurers data.

The annual growth of all MTPL policies for the first two months of the current year was 5.9%, the afferent GWP increasing by 6.8% to AMD 3.3 billion (~EUR 6.24 million). The average premium suffered almost no change y-o-y (+0.9%), mainly due to discounts offered for buying MTPL policies online, analysts say.

Total number of claims increased by 1.3% y-o-y in January-February, while their pecuniary amount climbed 10.6%, to AMD 2.8 billion. At the same time, MTPL loss ratio for the first two months of 2020 reached 68%, significantly less than the level of the ratio for January-February 2019 (75%).

According to the Bureau, the total number of vehicles insured under MTPL increased by 13.4% y-o-y for the first two months of 2020, to 576,449 units, and the largest part of them being insured by ROSGOSSTRAKH Armenia (183,816 vehicles).

* EUR 1 = AMD 528.57 (as of March 1st, 2020)

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