STATISTICS: ARMENIA, 1Q2022: the number of travel insurance contracts concluded during the quarter recorded, 2.5 times higher y-o-y

2 June 2022 — Marina MAGNAVAL
The insurance sector of Armenia ended the first quarter of 2022 with GWP worth AMD 20.31 billion (EUR 37.67 million), which is 24.21% more y-o-y. At the same time, paid claims decreased by 13.18% to AMD 6.07 billion, according to the data on the activities of insurance companies provided by ArmInfo.

Property insurance classes increased significantly, allowing them to more than double their market share compared to the first quarter of last year.

According to the 1Q results, the share of the corporate component in the market portfolios of Armenian insurers exceeds the retail component: 65.5% (AMD 13.3 billion) and 34.5% (AMD 7 billion), respectively. The capacity of the retail insurance market sharply accelerated growth to 22% from 1.4% a year earlier, which was also observed in the dynamics of corporate insurance - from 4.5% to 25.4%. Corporate insurance dominates in the portfolios of five companies, while retail prevails only for RESO. In the structure of paid claims, retail clients accounted for 67.2%, corporate clients - 32.8% vs 64.8% and 35.2%, respectively, a year earlier.

During the period, Armenian insurers concluded 422,049 contracts, which is 4.3% more y-o-y. Among the classes, the leading position in terms of the number of concluded contracts belongs to MTPL (257.6 thousand units). Of the voluntary types of insurance, the most popular is accident insurance (61.4 thousand contracts). It is noteworthy that the largest growth in contracts concluded during the quarter was recorded for travel insurance - 2.5 times (after a decline of 60.5% a year ago).

Total profit of insurance companies for the first three months of the year exceeded AMD 1.2 billion. Compared to the first quarter of 2021, all insurers have significantly increased their profits. The first place in terms of net profit belongs to Nairi Insurance (AMD 426.04 million), and the second place -to ROSGOSSTRAKH Armenia (AMD 289.5 million).

Of the six insurance companies, INGO Armenia ranks first in the market in terms of GWP, followed by ROSGOSSTRAKH Armenia and Nairi Insurance.

Access and download the latest Armenian insurance market statistics.

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