ARMENIA: ROSGOSSTRAKH Armenia holds the lead in terms of net premiums and paid claims

10 May 2022 —
ROSGOSSTRAKH Armenia holds the lead in terms of net insurance premiums, and leads in terms of net paid claims as well, according to the data of the Financial Rating of Insurance Companies of Armenia as of March 31, 2022, prepared by ArmInfo.

The company's net premiums exceeded AMD 2.9 billion drams/~EUR 5.42 million (+9% y-o-y in AMD), while net paid claims amounted to AMD 1.8 billion (-11.5%). This allowed the company to move from loss to profit. ROSGOSSTRAKH Armenia accounts for 30% of the total market GWP, and over 31% of total paid claims.

The company recorded the highest annual growth in premiums for general liability insurance - 2.3 times, travel insurance - by 88%, agroinsurance - by 65%, Motor Hull - by 59% and cargo insurance - by 47%. Whereas the largest decline in net paid claims was observed in property insurance against fire and natural disasters - by 73.6%, Motor Hull - by 47.5%, liability insurance of vehicle owners - by 37%, while paid claims increased significantly in travel insurance - by 183 times, cargo insurance - 40 times, general liability - 4 times, agroinsurance - 2 times.

NAIRI Insurance ranks second in terms of net premiums (over AMD 2.2 billion), occupying the third position in terms of net paid claims. The third position by net premiums belongs to INGO Armenia (over AMD 2.1 billion). While Armenia Insurance ranks last in terms of net premiums out of six companies operating on the market.

*EUR 1 = AMD 534.22 (01.04.2022)