ARMENIA: by November 1, the MTPL loss ratio reached 68%

20 November 2023 — Marina MAGNAVAL
In the insurance market of Armenia, the MTPL loss ratio by November 1, 2023 reached 68% (vs 64% a year earlier), ArmInfo reports citing the data of the Bureau of Motor Insurers of Armenia.

An increase began to be observed against the backdrop of the MTPL tariff liberalization that started in April 2023, due to which in January-October the annual growth in the number of existing contracts slowed down - from 17.4% to 13%, GWP growth dropped noticeably - from 16% to 3.5%, and the dynamics of paid claims saw an increase of 13.9%.

According to the Bureau, the number of vehicles with MTPL policy in January-October 2023 increased by 8.6% y-o-y. In the total number of concluded MTPL contracts, the share of e-policies did not change over the year, amounting to 25%.

For the first 10 months of 2023, GWP collected under existing contracts exceeded AMD 22 billion (USD 54.6 million), and paid claims reached AMD 14.5 billion (USD 35.9 million).