ARMENIA: in 2022, MTPL loss ratio decreased to 66%

25 January 2023 — Marina MAGNAVAL
In 2022, MTPL loss ratio in Armenia decreased from 79% to 66%, falling below 74% in 2019, driven by a 16.1% annual increase in the number of contracts concluded and a 15.6% increase in GWP to USD 67.3 million , while reducing paid claims by 4.6% to USD 39.8 million, ArmInfo reports citing the Bureau of Motor Insurers of Armenia.

According to the Bureau of Motor Insurers, in 2002, growth in the number of vehicles with MTPL policy slowed to 4.9% y-o-y from 9.6% in 2021 and was lower than growth of 18.5% in 2019. At the same time, in quantitative terms, the number of vehicles insured under MTPL exceeded previous two years - 606,596 thousand units vs 578.521 thousand units in 2021 and 602.457 thousand units in 2019.

Acceleration of annual growth was also observed in the number of MTPL contracts concluded. During the reporting year, growth accelerated from 9.9% to 16.1%. In quantitative terms, the number of MTPL contracts concluded in 2022 almost equaled the level of 2019 - 1.188 million units vs 1.202 million. GWP increased by 15.6% in 2022 - up to AMD 26.5 billion (USD 67.3 million), vs AMD 24.2 billion in 2019.

Sales of e-MTPL policies remained active - 286.936 thousand units in 2022, despite a slowdown in annual growth from 73.4% to 22.2%. As a result, the share of electronic policies in the total number of MTPL contracts increased in 2022 to 24% from 23% in 2021, significantly exceeding 5% in 2019.

73,697 thousand claims were submitted in 2022, which is 5.8% less y-o-y (vs an increase of 17.5% in 2021). Total paid claims amounted to AMD 15.7 billion (USD 39.8 million), declining by 4.6% y-o-y (vs growth by 13.7% in 2021).

Among the 6 insurance companies operating on the market, ROSGOSSTRAKH Armenia keeps leading in terms of the number of vehicles with MTPL policy (166,156 thousand units), also holding the leadership in terms of its share in MTPL GWP - 28% and in terms of its share in MTPL paid claims - 30.44%.

*USD 1 = AMD 393.57 (as of 31.12.2022)



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