STATISTICS: ARMENIA, 1H2022: the market expanded by more than 27%, while paid claims decreased by 3% (in local currency)

25 August 2022 —
STATISTICS:  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.

According to the results of the first half of the year, the corporate component in the portfolios of Armenian insurers continues to prevail over the retail one- 58.2% (AMD 19.7 billion) vs 41.8% (AMD 14.1 billion), which is similar to the levels a year ago - 57% and 43% respectively. According to the Financial Rating of Insurance Companies of Armenia, prepared by ArmInfo, the retail insurance market capacity has sharply accelerated growth to 23.5% from 7.6% a year earlier, which was also observed in the dynamics of corporate insurance - from 10.9% to 30.1%.

In the structure of paid claims, the share of payments to retail clients accounted for 64.1% or AMD 8.5 billion, corporate clients - 35.9% or AMD 4.7 billion, vs 63.7% and 36.3%, respectively, a year earlier.

The number of insurance contracts in force as of July 1, 2022 amounted to 962 950 units with an annual growth rate of 5.8%. Among the classes, the leading position in terms of the number of concluded contracts belongs to MTPL (the number of valid contracts as of July 1 was 569,271 thousand). Of the voluntary types of insurance, the most popular is accident insurance (as of July 1 - 188,670 thousand), the third position in terms of the number of contracts in force by July 1 is occupied by medical insurance (72,569 thousand). The largest growth of contracts concluded in the second quarter was recorded for general liability insurance - by 4.5 times and travel insurance - by 3 times.

Total net profit of insurance companies in Armenia in 1H2022 reached AMD 2.3 billion, with an annual growth of 19 times. Moreover, three companies significantly increased their profits, while the remaining three provided significant growth and moved from loss (a year earlier) to profit.

Leadership in terms of net profit in the first half of the year is held by NAIRI Insurance (AMD 632.4 million), followed by ROSGOSSTRAKH Armenia (AMD 517.02 million). In terms of GWP, INGO Armenia is the leader (31.41% market share), followed by ROSGOSSTRAKH Armenia (26.04%).

Access and download the latest Armenian insurance market statistics for 1H2022.