ARMENIA: the share of e-MTPL more than tripled y-o-y

24 June 2020 — Marina MAGNAVAL
The share of electronic MTPL policies in total number of MTPL insurance contracts in Armenia, as of June 2020, increased to 13% from 4% a year ago, the latest data from the Bureau of Motor Insurers of Armenia shows, ArmInfo reports.

At the same time, the total number of MTPL agreements concluded for January-May 2020 decreased by 12.9% y-o-y, while the segment's GWP dropped by 8.7%, to AMD 7.6 billion* (~EUR 14.16 million*). The average MTPL premium amount increased by 4.8%. The key factor of the accelerated growth of e-policies is the discount offered for purchasing a policy online, as well as remote work measures introduced during the pandemic period, ArmInfo analysts note.

In the reporting period, the total number of claims for MTPL insurance decreased by 11, while the total amount paid decreased by 2.6%, to AMD 6.1 billion. The average paid claim amount decreased by 6%. MTPL loss ratio for January-May 2020 reached only 58% (compared to 76% a year ago).

The number of vehicles with valid MTPL policies as of the end of May grew by 1.1% y-o-y, the largest part of them insured by ROSGOSSTRAKH Armenia.

* EUR 1 = AMD 536.78 (as of June 1, 2020)

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