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ARMENIA: MTPL market will be fully liberalized on April 1, 2023
From April 1, 2023, MTPL market in Armenia will be completely liberalized, after that government agencies and citizens will have an opportunity to choose insurance companies, considering price/quality.
29 March 2023ARMENIA: in January-February, activity of e-MTPL sales sharply slowed down from 73% to 5.9%
Right before liberalization of MTPL tariffs in Armenia, growth of sales of electronic policies and paper counterparts is slowing down, GWP growth is weakening, but at the same time, a decrease in the number of terminated contracts is observed.
23 March 2023ARMENIA: insurance sector's net profit up 5.5 times in 2022
The insurance market of Armenia ended 2022 at a historical maximum of premiums and paid claims. The increase in paid claims was imperceptible, while the increase in premiums was double-digit, which allowed the insurance sector to receive a net profit of AMD 4 billion (USD 10 million), with a 5.5-fold annual growth, ArmInfo reports.
22 February 2023STATISTICS: ARMENIA, FY2022: GWP rose by almost 24%, while paid claims - by only 3%
The insurance sector of Armenia ended 2022 with an increase of almost 24% (in AMD). Total volume reached AMD 61.08 billion (EUR 145.42 million). It is worth noting that paid claims increased very slightly in local currency, by only 3%, to AMD 29.42 billion, according to the data, provided by ArmInfo.
16 February 2023ARMENIA: three insurers remain on the list of large taxpayers
Of the six insurance companies operating in the country, only three remained in the list of large taxpayers of Armenia for 2022 - NAIRI Insurance, INGO Armenia and ROSGOSSTRAKH Armenia, ArmInfo reports referring to the data of the State Revenue Committee of the Republic of Armenia.
1 February 2023ARMENIA: introduction of mandatory health insurance will not affect efficiency and quality of the healthcare system
Introduction of the mandatory health insurance system will lead to a change in the sources of financing of the healthcare system, while it will not affect efficiency and quality of the system, ArmInfo writes with reference to Tigran Jrbashyan, Director of the Management Consulting Service of Ameria Company.
1 February 2023ARMENIA: in 2022, MTPL loss ratio decreased to 66%
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.
25 January 2023ARMENIA: Phased implementation of Universal Health Insurance in Armenia to begin in 2024
The phased introduction of Universal Health Insurance in Armenia will begin in 2024. The Ministry of Health of the Republic of Armenia has developed and presented a draft Concept on the implementation of UHI, ArmInfo writes.
16 January 2023ARMENIA: Health insurance to cover all segments of the population by 2027
Full launch of health insurance in Armenia will be completed by 2027, ArmInfo wrote referring to the statement of the Minister of Health Anahit Avanesyan.
29 November 2022ARMENIA: at the end of October, the MTPL loss ratio decreased to 64%
For 10 months of 2022, the MTPL loss ratio in Armenia decreased to 64% from 78% in the same period last year, being even lower than the pre-Covid 72% in January-October 2019, ArmInfo reports.
21 November 2022ARMENIA: abnormal weather conditions make agroinsurance unprofitable
There is a strong slowdown in the GWP growth in the Armenian agroinsurance sector, while paid claims keep growing rapidly, which, according to experts, is mainly due to the negative impact of abnormal weather conditions on crop yields, including agricultural risks covered by insurance, ArmInfo reports.
31 October 2022STATISTICS: ARMENIA 9M2022: the largest annual profit growth recorded in property insurance
Over the first 9 months of this year, Armenian insurers made a profit mainly from MTPL and health insurance - AMD 8.1-7.6 billion, followed by property insurance, Motor Hull, accidents insurance - AMD 3.6-1.3 billion, according to the data from insurers' reports provided by ArmInfo.
31 October 2022ARMENIA: NAIRI Insurance tops the list of major taxpayers among insurers
The volume of taxes in the insurance sector of Armenia in January-September 2022 amounted to AMD 1.3 billion (~EUR 3.30 million) which is 36.1% lower than a year ago. Of this amount, AMD 1.1 billion fell on direct taxes, with an annual decrease of 39.7%, according to the data of the State Revenue Committee of the Republic of Armenia, ArmInfo wrote.
25 October 2022ARMENIA: health insurance for the entire population of Armenia to be introduced in stages until 2027
The health insurance system in Armenia will be introduced in stages until 2027, as stated by Health Minister Anahit AVANESYAN, ArmInfo wrote.
19 October 2022ARMENIA: in January-August 2022, MTPL loss ratio decreased to 63%
In January-August 2022, the MTPL loss ratio in Armenia decreased to 63% from 79% a year earlier, being below the pre-Covid level of 72% (in Jan-Aug 2019).
21 September 2022STATISTICS: ARMENIA, 1H2022: the market expanded by more than 27%, while paid claims decreased by 3% (in local currency)
The insurance sector of Armenia ended 1H2022 with total GWP worth AMD 33.82 billion (EUR 79.87 million), which is 27.30% more y-o-y. Paid claims decreased by about 3% to AMD 13.18 billion (EUR 31.13 million), according to the data provided by ArmInfo.
25 August 2022ARMENIA: Armenia to become part of the Eurasian Reinsurance Company, which will start operating in 2023
In August, the Armenian government approved the proposal "On signing of an agreement on the establishment of the Eurasian Reinsurance Company", ArmInfo reports.
24 August 2022ARMENIA: tax payments of the insurance sector decreased by 14% y-o-y in 1H
According to the results of the first half of 2022, only three out of six insurance companies entered the list of 1000 largest taxpayers in Armenia - NAIRI Insurance, INGO Armenia and ROSGOSSTRAKH Armenia, ArmInfo reports.
3 August 2022ARMENIA: MTPL loss ratio decreased to 65% in the first half of the year
MTPL loss ratio in Armenia in the first half of 2022 decreased to 65% from 81% in the same period of 2021, which is even lower than the pre-Covid level of 73% in 2019, ArmInfo wrote.
22 July 2022STATISTICS: ARMENIA, 1Q2022: the number of travel insurance contracts concluded during the quarter recorded, 2.5 times higher y-o-y
The insurance sector of Armenia ended the first quarter of 2022 with GWP worth AMD 20.31 billion (EUR 37.67 million), which is 24.21% more y-o-y. At the same time, paid claims decreased by 13.18% to AMD 6.07 billion, according to the data on the activities of insurance companies provided by ArmInfo.
2 June 2022
