ARMENIA: MTPL loss ratio increased to 70% by December 1

18 December 2023 — Marina MAGNAVAL
In the insurance market of Armenia, MTPL loss ratio increased by December 1, 2023 to 70% from 65% a year earlier, ArmInfo writes with reference to data from the Bureau of Motor Insurers of Armenia.

An increase in the loss ratio began to be observed against the backdrop of the transition from April 2023 to liberalization of MTPL tariffs; as a result, from January to November, the annual growth in the number of existing contracts slowed down - from 16.8% to 12.8%, as well as GWP growth - from 15.6% to 3.4%, and the dynamics paid claims increased by 15.7%.

According to the Bureau, the number of vehicles with MTPL policy in January-November 2023 increased by 9.9%. In the total number of MTPL contracts concluded, the share of e-policies has not changed over the year and amounts to 25%.

After 11 months of 2023, total GWP collected under existing contracts exceeded AMD 24.3 billion (USD 60.4 million), and total paid claims exceeded AMD 16.3 billion (USD 40.6 million).