ARMENIA: in January-May, the number of terminated MTPL contracts increased almost 4 times y-o-y

16 June 2021 — Marina MAGNAVAL
The number of terminated MTPL contracts in Armenia continues to grow rapidly - in January-May by 3.9 times compared to the same period in 2020, amounting to 19,500.

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)

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