STATISTICS: ARMENIA, FY2023: motor insurance generates over 44% of all premiums

28 February 2024 — Marina MAGNAVAL
STATISTICS:  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).

Motor insurance remains the largest segment (over 44%) on the market, with MTPL alone accounting for about 38% of the total market GWP portfolio. Property fire insurance demonstrates the highest growth rates among insurance classes, followed by Motor Hull.

Paid claims at the end of the year increased by almost 30%, to AMD 38.12 billion (EUR 85.12 million). A decrease in paid claims was observed in such classes as accident insurance and GTPL. At the same time, paid claims in many classes grew rapidly: like in property and cargo insurance, where their growth exceeded 100%.

Among the 7 companies on the market in terms of GWP and paid claims, the leadership is held by LIGA Insurance (AMD 18 billion/10 billion). It is followed by INGO Armenia and Nairi Insurance, which, having greatly accelerated the growth of paid claims, significantly worsened their GWP dynamics, in particular, INGO Armenia went from double-digit growth to decline, and Nairi Insurance noticeably slowed down its growth rate.

Access xprimm.com and download the latest Armenian insurance market statistics for FY2023.

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