In 2024 the insurance market of Armenia practically did not grow - the growth was less than 2%, total GWP reached AMD 72.37 billion (EUR 174.86 million), as shown by the data of the Financial Rating of Insurance Companies provided to ArmInfo. It’s worth noting that in euro the market grew by 10.29% thanks to a more favorable exchange rate compared to 2023.

Insurers' paid claims increased by 15%, to AMD 43.86 billion (EUR 105.97 million), as a result, the net profit of the sector decreased by 26% - to AMD 1.98 billion.

ArmInfo noted that a reduction in contracts among market leaders was the reason for the weak premium growth.

In the market premium portfolio, the dominant share remains with MTPL - 41% and health insurance - 28.53%, property insurance also has a double-digit share (10.21%). In paid claims, the dominant share also remains with MTPL - 49.2% and health insurance - 38.1%.

Of the 7 companies operating in the Armenian insurance market, LIGA Insurance holds the lead in terms of GWP (AMD 15.39 billion), NAIRI Insurance ranks second, and INGO moved down from second to sixth place. The top three is rounded out by EFES, the growth rate of which is the most noticeable in the market (+285%).

Access xprimm.com and download the latest Armenian insurance market statistics for FY2024 in AMD and EUR.