STATISTICS: ARMENIA, 1Q2024: GWP decreased by 19%, while paid claims jumped by 42%

15 May 2024 — Marina MAGNAVAL
STATISTICS:  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).

In the two largest insurance segments, the dynamics of premiums was different: health insurance decreased by 12.50%, while the segment’s share in the market portfolio increased to 40.65%; There were almost no changes in MTPL (+0.87%), and the segment’s share increased from 28% to 35%.

Paid claims, on the contrary, jumped by 42.60%, reaching AMD 10.27 billion (EUR 24.24 million). A rapid increase in paid claims was observed in property insurance (+4,672%), and they also increased significantly in cargo insurance and accident insurance.

Among the 7 companies on the market in terms of GWP, compared to the first quarter of last year, LIGA Insurance took first place (AMD 5 billion), moving the former leader INGO to third position. Nairi Insurance moved up to second place. It is worth noting that 5 out of 7 companies operating in the market have double-digit market shares.

Access xprimm.com and download the latest Armenian insurance market statistics for 1Q2024 in AMD and EUR.


 

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