In quantitative terms, in 2021 the market came closer to the pre-Covid level - 578.521 thousand units. (vs 602.457 thousand units in 2019).
The renewed growth in the number of concluded MTPL contracts is also much far behind the pre-Covid growth rates. In 2021, their number increased by 9.9% (vs a decline of 12.9% a year earlier and an increase of 23.5% in 2019). GWP in the reporting period exceeded AMD 22.92 billion/EUR 42.17 million* (vs AMD 24.2 billion in 2019).
The sales activity of e-MTPL policies remains high, despite a more pronounced slowdown in growth in 2021 to 73.4% (vs a threefold growth in 2020). As a result, the share of e-policies in the total number of MTPL contracts increased in 2021 to 23% (from 15 % in 2020), well above the pre-Covid level of 5% in 2019.
In 2021, the number of MTPL claims increased 17.5% y-o-y (vs a decline of 15.5% in 2020). The volume of paid claims exceeded AMD 16.4 billion with y-o-y growth of 13.7% (vs a decline of 7% in 2020). MTPL loss ratio increased in 2021 to 79% from 65% in 2020, having exceeded even the pre-Covid 2019 indicator of 74%.
Among insurance companies, ROSGOSSTRAKH Armenia continues to be the leader in terms of the number of vehicles with valid MTPL policy (+0.4%), NAIRI Insurance ranks second (+20.8%), and INGO Armenia ranks third. ROSGOSSTRAKH Armenia also holds the lead in terms of its GWP share - 30.3%, paid claims - 31.86%, and already has 49.5% of electronic MTPL policies.
*1 EUR = 543.51 AMD (31.12.2021)