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.

ArmInfo noted that, nevertheless, the current semi-annual GWP volume is a record.

Health insurance and MTPL are leading in market premiums, but the market growth is generally supported by cargo, property insurance, travel insurance and Motor Hull. The structure of premiums is dominated by health insurance and MTPL - 34.1% and 31.5% respectively. The same classes also dominate in paid claims: MTPL - 49.5%, health insurance - 39.8%.

Agroinsurance has doubled. Only 3 companies offer this class - INGO Armenia, LIGA Insurance and SIL Insurance. The total amount of agroinsurance premiums collected by them increased to almost AMD 2 billion.

The growth rate of net profit decreased to 39% (vs last year's growth by 19.4 times), the total amount of which reached AMD 2.9 billion in the first half of the year. Moreover, all insurers kept their net profit in a positive area.

The leadership in net profit is held by Nairi Insurance, which managed to increase it by 27.2% y-o-y, followed by INGO Armenia. In terms of GWP, INGO Armenia provided the largest share of 30.6%, followed by LIGA Insurance with 24.5% and Nairi Insurance with 19.6%.

Access xprimm.com and download the latest Armenian insurance market statistics for 1H2023.