The insurance sector of Armenia in the first quarter of 2023 grew by 17.24% to AMD 23.81 billion (EUR 48.94 million). At the same time, paid claims' growth slightly outpaced premiums and amounted to 18.70%, as shown by the data on the activities of insurance companies provided by ArmInfo.

It should be noted that since the first quarter of 2023, the format of published reports has changed. For some insurance companies data from additional requests from ArmInfo was used and may differ from the published data in overall market reports.

The non-life segment continued to show impressive growth, and its share in the market portfolio increased to almost 21%. Motor insurance also recorded good growth, rising to AMD 7.74 billion. At the same time, health insurance remains the largest class of insurance (AMD 8.95 billion).

The class-wise dynamics of paid claims (unlike premiums, where growth was observed almost everywhere) was heterogeneous - in accidents insurance a decline was almost 51%, in property insurance - 47%.

Of the six insurance companies that operate in the local market, INGO Armenia is leading in terms of premiums (AMD 8.89 billion), LIGA Insurance (formerly ROSGOSSTRAKH) ranks second, while NAIRI Insurance keeps its third place.

Access xprimm.com and download the latest Armenian insurance market statistics for 1Q2023 in EUR and AMD.