At the same time, the volume of returned or refundable premiums almost tripled, to AMD 236.1 million (EUR 0.37 million*), as the data of the Bureau of Motor Insurers of Armenia show, according to which the number of vehicles with MTPL policy decreased by 2.3% in the reporting period, ArmInfo informed.
It should be noted that the number of MTPL contracts concluded during the period slowed down the annual decline to 0.1%, amounting to 360,068 units, and the volume of collected GWP exceeded AMD 7.9 billion, with an annual growth rate of 3.4%. The average MTPL premium size per contract increased in January-May by 3.5%.
At the same time, sales of electronic MTPL policies are still very active - the share of e-MTPL in the total number of MTPL contracts increased to 20% from 13% a year earlier.
The number of applications for insurance compensation in January-May 2021 increased by 16.8% y-o-y, and MTPL paid claims exceeded AMD 7.1 billion (+17.1%). The MTPL loss ratio increased over the period to 83% from 58% in the same period in 2020.
According to the results of January-May 2021, ROSGOSSTRAKH Armenia continues to be the leader in the number of vehicles with a valid MTPL policy (161 312 vehicles), while the smallest number belongs to ARMENIA-Insurance (49 630 units).
*at the following exchange rate:
1 EUR = 636.73 AMD (as of 01.06.2021)