STATISTICS: ARMENIA, 1Q2020: Market declined by more than 4% amid insurers' net profit 6.5-fold growth

11 June 2020 — Marina MAGNAVAL
Armenian insurance market ended 1Q2020 with a decline in GWP by 4.19% y-o-y, the premiums volume amounting to AMD 15.8 billion (~EUR 28.59 million*). The market paid claims increased by 7%, to AMD 6.38 billion (~EUR 11.53 million*), according to the data of insurance companies, provided by ArmInfo.

Almost all insurance classes saw a reduction of various degrees in their premiums written. Health insurance, damages to property and travel insurance managed to record an annual growth. The share in the market portfolio of large classes such as health insurance and MTPL increased to almost 46% and more than 36% respectively.

Paid claims of many classes decreased y-o-y. However, their most significant growth was observed in damages to property (+272%), GTPL (almost +87%) and health insurance segments.

Total net profit of Armenian insurance companies in 1Q2020 increased 6.5 times y-o-y and reached AMD 924.7 million. The leader in terms of net profit was Nairi Insurance (AMD 399.5 million), replacing INGO Armenia (AMD 224.6 million), while Armenia Insurance moved up to the third place (AMD 149 million). Only SIL Insurance ended the first quarter with a negative result (loss of AMD 25.2 million).

In terms of the number of contracts concluded during 1Q2020, Rosgosstrakh Armenia ranked first (141.8 thousand units), followed by INGO Armenia and RESO. Total number of insurance companies on the Armenian market was 6, with MTPL being the dominant class, with a share of contracts concluded ranging from 33.6% to 87.2% of insurers' portfolios.

* 1 EUR = 553.45 Dram - AMD (March 31st, 2020)
1 EUR = 545.30 Dram - AMD (March 31st, 2019)

Access and download the latest Armenian insurance market statistics.

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