In the Armenian insurance market, MTPL loss ratio began to rise in 2026, reaching 80.2% in the first two months of the year (vs 77.5% in January–February 2025), following a decline throughout 2025 that saw it drop from 81.8% to 76.3%.

These findings are based on data from the Bureau of Motor Insurers of Armenia, as reported by ArmInfo.

The increase in the loss ratio during January–February 2026 occurred against the backdrop of an accelerating year-on-year growth in both the number of effective policies (rising from 2.1% to 6.3%) and GWP (rising from 11.7% to 16.1%). Concurrently, paid claims shifted to growth of 6.7% (vs a 1.1% decline a year earlier).

According to the Bureau, the number of vehicles with MTPL policies saw a more pronounced year-on-year increase of 4.3%, whereas the growth rate stood at 1.4% just one year prior.

From January to February 2026, GWP collected in MTPL reached AMD 6.1 billion (USD 16.1 million), while paid claims exceeded AMD 4 billion (USD 10.7 million).

The Bureau's data show that INGO covers the largest number of vehicles with MTPL policies (holding a market share of approximately 19%); MTPL loss ratio of INGO rose to 91% (up from a low of 66% recorded a year earlier). During the reporting period, Armenia Insurance saw the highest MTPL loss ratio at 100% (vs 77% a year earlier), while Nairi Insurance saw the lowest at 54% (vs 70% a year ago).

INGO and Nairi Insurance generate the largest MTPL GWP volume (21–19% of the total); these same insurers also lead in the segment’s paid claims (20–17% of the total). In terms of the total number of effective MTPL policies, INGO and REGO Insurance hold the top two positions (22% and 20% of the market total), according to the source.