Armenia

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Location map
author: OCHA/ ReliefWeb


Location:
- Southwestern Asia.
- Neighbours: Turkey, Georgia, Azerbaijan, Iran.

Climate:
- highland continental, hot summers, cold winters.

Natural hazards:
- occasionally severe earthquakes; - droughts.

Macro indicators
* 2018 estimates
Surface:29,743km2
Population*:3.0million
Pop. density*:100.5people/km2
GDP*:11.0EUR billion
GDP/capita*:3,673.4EUR

Currency: Dram

Code: AMD
Since: 1993


Insurance market portfolio
* 2018 estimates
Overall Property*:9%
Overall Motor*:54%
Health*:26%

Sources:



 








ARMENIA: launch date of agro insurance project is not yet determined

The Agricultural Ministry of Armenia previously announced that around the end of 2018 and beginning of 2019, insurers would start to sell agro insurance policies. However, as of now, launch of the agro insurance project is not yet determined and no memorandums are signed with insurers, as member of the Agricultural Alliance and Council to the CEO of NAIRI company, Artak MARTIROSYAN, announced.








Armenia: insurance market grew by 47.6% after Q1

During the first 3 months Armenian market generated AMD 14.1 billion of premiums, which is 47.6% more than e year before, paid claims amounted to AMD 5.7 billion (+36.9%), according to ArmInfo agency.



ARMENIA: Retail insurance market accelerated the upward trend for 2017 from 0.2% to 4.5%, while the corporate market slowed from 12.1% to 8.5%

The share of retail  insurance in the portfolios of premiums of Armenian insurers amounted  to 56.1% (19.6 billion AMD), corporate - 43.9% (15.3 billion) in  2017. At the same time, the capacity of the retail insurance market  accelerated the upward trend to 4.5% from 0.2% in 2016, and, at the  same time, corporate insurance growth slowed to 8.5% from 12.1% in  2016.  Before the introduction of OSAGO in Armenia, as well as  compulsory individual health insurance of state employees, the share  of corporate insurance significantly prevailed over retail.