STATISTICS: ARMENIA 9M2022: the largest annual profit growth recorded in property insurance

31 October 2022 — Marina MAGNAVAL
STATISTICS:  ARMENIA 9M2022: the largest annual profit growth recorded in property insurance
Over the first 9 months of this year, Armenian insurers made a profit mainly from MTPL and health insurance - AMD 8.1-7.6 billion, followed by property insurance, Motor Hull, accidents insurance - AMD 3.6-1.3 billion, according to the data from insurers' reports provided by ArmInfo.

The next in terms of profit should be noted general liability insurance, cargo and travel insurance - AMD 978.7-728.4 million. At that the largest annual profit growth was recorded in property insurance - 2.1 times, general liability - by 67.2%, travel insurance - by 61%, and MTPL - by 53%. Then, in terms of profit growth rates, they are followed by Motor Hull - by 36.4%, health insurance - by 33.3%, cargo insurance - by 29.3%, liability insurance of vehicle owners - by 17.6%.

ROSGOSSTRAKH Armenia takes the lead in MTPL GWP and cargo insurance, INGO Armenia leads in health insurance, property insurance against fires and natural disasters, accidents, travel insurance, Motor Hull, and Nairi Insurance is the leader in general liability and property insurance against other damages.

Total profit of the insurance sector increased by 48.6% y-o-y to AMD 26.3 billion (~EUR 66.75 million) due to the significant prevalence of premium growth over paid claims - 25.4% vs 5.2%. GWP in January-September amounted to AMD 47.6 billion, and paid claims - AMD 21.3 billion. As a result, net profit of the Armenian insurance sector for 9 months reached AMD 3.6 billion, having increased by 6.3 times. The first two positions in terms of net profit are occupied by Nairi Insurance and ROSGOSSTRAKH Armenia.

*EUR 1 = AMD 393.99 (as of 01.10.2022)

Access xprimm.com and download the latest Armenia insurance market statistics.



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