Location map
author: OCHA/ ReliefWeb

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

- highland continental, hot summers, cold winters.

Natural hazards:
- occasionally severe earthquakes; - droughts.

Macro indicators
* 2018 estimates
Pop. density*:100.5people/km2
GDP*:11.0EUR billion

Currency: Dram

Code: AMD
Since: 1993

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



STATISTICS: ARMENIA, 1H2023: Health insurance and MTPL lead in the market premium portfolio

The insurance sector ended the first half of 2023 with an increase of 22%, reaching AMD 41.28 billion (EUR 98.55 million). At the same time, the growth of paid claims led to a noticeable decrease in the growth rate of profits of insurance companies in Armenia, according to the data of the Financial Rating of insurance companies provided by ArmInfo.

ARMENIA: MTPL loss ratio reaches 64% in 1H

According to the 1H results, the MTPL loss ratio in Armenia stabilized at 64%, having slightly decreased from 65% in the same period of 2022, while much lower than 81% in 2021, and 73% in 2019, ArmInfo reports.

ARMENIA: 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.

ARMENIA: 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.