Armenia
ARMENIA: German KfW Development Bank ready to participate in implementation of the pilot agroinsurance program
German KfW Development Bank is ready to provide funds, and the state will co-finance the agroinsurance program. According to the Armenian Minister of Economy Gevorg Papoyan, negotiations with the reinsurer are already underway, ArmInfo writes.
12 November 2024ARMENIA: Insurers' tax payments increased by 6.3% y-o-y
From January to September 2024, Armenian insurers paid taxes in the amount of AMD 1.7 billion (USD 4.4 million), which is 6.3% higher y-o-y in local currency, ArmInfo writes with reference to the data of the State Revenue Committee of the Republic of Armenia.
5 November 2024ARMENIA: Introduction of universal health insurance postponed
Introduction of universal health insurance (UHI) in Armenia in 2025 is not planned, as the Minister of Finance of Armenia Vahe Hovhannisyan stated in the parliament on November 1, since the draft budget for next year does not include a corresponding expenditure item, ArmInfo reports.
5 November 2024ARMENIA: MTPL loss ratio reaches 79.1% by September 1
As of September 1, 2024, MTPL loss ratio in Armenia reached 79.1% (from 65% last year), ArmInfo writes with reference to data from the Bureau of Motor Insurers of Armenia.
26 September 2024ARMENIA: The Bureau of Motor Insurers of Armenia again raises the maximum threshold for the European Accident Statement
According to the Bureau of Motor Insurers of Armenia, from September 18, the maximum damage threshold for the European Accident Statement will be increased to AMD 400,000 (~EUR 940) from the previous AMD 200,000, ArmInfo writes.
18 September 2024ARMENIA: MTPL loss ratio increases to 79.3%
As of August 1, 2024, the MTPL loss ratio in Armenia increased to 79.3% from 64% a year ago, АrmInfo reports with reference to data from the Bureau of Motor Insurers of Armenia.
4 September 2024ARMENIA: Insurers' investment income is growing at double-digit rates
According to the 1H2024 results, amid the deteriorating premium dynamics, insurers' investment income continues to grow at double-digit rates, remaining at 27% for the second year in a row, ArmInfo writes.
4 September 2024STATISTICS: ARMENIA, 1H2024: net profit decreased by 65% y-o-y
In the first half of 2024 the insurance sector of Armenia decreased by 6.32% to AMD 38.67 billion (EUR 93.04 million), according to the data of the Financial Rating of Insurance Companies provided to ArmInfo. At the same time, paid claims skyrocketed by 31.65% to AMD 20.55 billion (EUR 49.44 million).
21 August 2024ARMENIA: a new product introduced on the insurance market
In Armenia, Ingo insurance company has introduced a completely new product for the Armenian financial market – income protection insurance, ArmInfo reports.
15 August 2024STATISTICS: ARMENIA, 1Q2024: GWP decreased by 19%, while paid claims jumped by 42%
At the end of 1Q2024, the insurance sector of Armenia recorded a GWP decrease by 19.10% to AMD 19.26 billion, according to the data of the Financial Rating of Insurance Companies provided by ArmInfo. It’s interesting that in euros the decline was approximately the same (-19.44%, EUR 45.43 million).
15 May 2024ARMENIA: net profit in 1Q declines by 73%
In 1Q2024, the net profit of the Armenian insurance sector decreased by 73% y-o-y (vs an increase of 41.2% a year ago). Experts note that this was impacted by an increase in paid claims and a decline in premiums, while a year earlier they saw growth, ArmInfo reports.
14 May 2024ARMENIA: in 1Q2024, tax payments of the insurance sector to the state budget increased by 9.3% y-o-y
According to the 1Q2024 results, the list of 1000 largest taxpayers in Armenia included, as a year earlier, 3 insurance companies out of the existing 7: LIGA Insurance, Nairi Insurance and INGO Armenia (now INGO), ArmInfo reports.
30 April 2024ARMENIA: the government is ready to support agroinsurers and partially assume risks
As part of the pilot agroinsurance program, the Armenian government will not only subsidize insurance premiums, but also compensate the costs of insurance companies if a certain threshold of insurance payments is exceeded, as Minister of Economy Gevorg Papoyan said on April 12, ArmInfo writes.
17 April 2024STATISTICS: ARMENIA, FY2023: motor insurance generates over 44% of all premiums
The insurance sector of Armenia ended 2023 with an increase of 16.26%, reaching AMD 71.01 billion, as evidenced by the data of the Financial Rating of Insurance Companies provided by ArmInfo. It is worth noting that in euros the annual market growth was almost half as much (+9.03%, EUR 158.55 million).
28 February 2024ARMENIA: In 2023, net profit of the insurance sector decreased by 33%
In 2023, net profit of the Armenian insurance sector decreased by 33%. While a 4.5-fold jump was recorded a year ago in 2022.
21 February 2024ARMENIA: in 2023, 11,000 hectares were insured under the agricultural insurance program
In 2023, as part of the pilot agroinsurance program, all 13 agricultural crops included in the program were insured, and the total area of insured land reached 11,000 hectares, ArmInfo writes with reference to the press service of the Ministry of Economy of Armenia.
16 January 2024ARMENIA: MTPL loss ratio increased to 70% by December 1
In the insurance market of Armenia, MTPL loss ratio increased by December 1, 2023 to 70% from 65% a year earlier, ArmInfo writes with reference to data from the Bureau of Motor Insurers of Armenia.
18 December 2023ARMENIA: by November 1, the MTPL loss ratio reached 68%
In the insurance market of Armenia, the MTPL loss ratio by November 1, 2023 reached 68% (vs 64% a year earlier), ArmInfo reports citing the data of the Bureau of Motor Insurers of Armenia.
20 November 2023ARMENIA: by the end of 3Q2023, the net profit decreased by 9.4%
In the insurance market of Armenia, the growth of paid claims continues to accelerate and the GWP growth slows down, as a result market profits began to decline. At the end of 3Q2023, net profit decreased by 9.4% to AMD 3.2 billion (USD 8.2 million), according to the Financial Rating of Insurance Companies of Armenia, prepared by ArmInfo.
20 November 2023STATISTICS: ARMENIA, 3Q2023: both premiums and paid claims in property insurance see the most noticeable growth on the market
At the end of 3Q2023, the insurance sector of Armenia grew by 15.67%, reaching AMD 55.03 billion (EUR 131.85 million), according to the data from the Financial Rating of Insurance Companies provided by ArmInfo.
14 November 2023
