Armenia
Armenia: steps made in developing the country's agriculture may also growth on several insurance business lines
A rural insurance program was implemented in Armenia, in 6 regions, covering 2 crops. In 2021, the program shall be implemented nationwide, covering a total of 11 crops. The program is part of a series of measures aiming at developing the country's agriculture.
16 February 2021ARMENIA: over 82% of the GWP collected in 2020 under the agroinsurance program is directed to risk reinsurance
In 2020, Armenian insurance companies, participating in the agroinsurance program, collected GWP worth AMD 130.94 million (~EUR 0.2 million*), according to the quarterly Financial Rating of Armenian Insurance Companies, prepared by ArmInfo. At the same time, 82.2% (or AMD 107.6 million) was directed to risk reinsurance.
16 February 2021STATISTICS: ARMENIA, FY2020: the market decreased by more than 9% y-o-y (in local currency)
At the end of 2020, GWP of Armenian insurers decreased by 9.33% y-o-y to AMD 44.54 billion (~EUR 69.49 million), according to the data on the insurance companies, provided to ArmInfo.
11 February 2021ARMENIA: in 2020, 5 out of 6 insurance companies included in the list of the largest taxpayers
By the end of 2020, 5 insurance companies out of 6, operating in the local market, were included in the list of 1000 largest taxpayers in Armenia, while a year ago there were only 3 insurers in this list, ArmInfo reports.
27 January 2021ARMENIA: for January-November the share of e-MTPL policies in the total number of MTPL contracts increased to 14%
According to the Bureau of Motor Insurers of Armenia, for 11 months of 2020, the number of online MTPL contracts exceeded by 2.3 times the same indicator for 11 months of 2019, and the share of e-MTPL policies in the total number of MTPL contracts increased to 14% from 5% a year ago, ArmInfo reports.
5 January 2021STATISTICS: ARMENIA, 3Q2020: Insurance market dropped by more than 7% y-o-y, the largest decline being recorded in travel segment
According to the 3Q2020 results, GWP of Armenian insurers decreased by 7.37% y-o-y in local currency, to AMD 33.83 billion (EUR 59.17 million). At the same time, it should be noted that the dynamics improved during the third quarter - GWP and paid claims returned to a growing trend, as the results, provided by ArmInfo, show.
19 November 2020ARMENIA: after 9 months, corporate insurance accounts for almost 51% in the portfolios of insurers, while almost 68% of claims paid to retail clients
The results of the insurance market for 9 months of 2020 show that corporate insurance dominates in GWP portfolios of Armenian insurers (50.9% or AMD 17.2 billion/~EUR 30 million*), while retail insurance accounts for 49.1% (AMD 16.6 billion/~EUR 29 million*), against 49.7% and 50.3% correspondingly a year earlier, ArmInfo reports.
19 November 2020ARMENIA: for the first three quarters, total net profit of insurers grew 3.6 times y-o-y
Total net profit of Armenian insurers for the first 9 months of the year grew 3.6 times and exceeded AMD 4 billion (~EUR 6.97 million*), as ArmInfo reports.
3 November 2020ARMENIA: tax payments of the insurance sector in January-September increased by more than 33% y-o-y
From January to September 2020, Armenian insurers paid taxes in the amount of AMD 1.6 billion (EUR 2.78 million*), which is 33.3% more y-o-y (vs a decline by 25% at the end of the same period in 2019), ArmInfo reports.
28 October 2020ARMENIA: Armenian Bureau of motor insurers celebrates its 10th anniversary
In September 2020 the Armenian Bureau of motor insurers celebrates its 10th anniversary, in connection with that the Bureau has prepared a report on the work done, achievements in MTPL baased on the key indicators, such as procedures for concluding contracts, registrations of accidents, claim payment, as well as MTPL reforms, according to the announcement made on the website of the Bureau.
9 September 2020ARMENIA: in January-July 2020 the share of e-MTPL reached 13% of the total number of contracts in the segment
By the beginning of August 2020, the share of e-MTPL policies in the total number of MTPL contracts in Armenia has tripled and reached 13% (vs 4% a year ago), ArmInfo reports.
2 September 2020ARMENIA: Agroinsurance program has published its first results — ROSGOSSTRAKH is leading in terms of collected premiums
The agricultural risks insurance program was launched in Armenia in September 2019 and already has shown its effectiveness, exceeding the expectations of insurers, according to Levon KOCHARYAN, specialist in agroinsurance and Head of the Underwriting department at INGO Armenia, ArmInfo reports.
27 August 2020STATISTICS: ARMENIA, 1H2020: The economic crisis caused by pandemic squeezed market GWP by almost 8% y-o-y
Armenian insurers ended 1H2020 with a 7.89% decline in GWP year-on-year. Total GWP amount was around AMD 24.28 billion (~EUR 44. 92 million*). Paid claims saw a decrease as well, going down by 4.74% y-o-y to AMD 11.3 billion, according to the results of insurance companies provided by ArmInfo.
13 August 2020ARMENIA: ROSGOSSTRAKH was the leader in terms of agroinsurance GWP and paid claims during 1H2020
For the first half of 2020, the GWP under agricultural risks insurance amounted to AMD 131 million (~EUR 0.24 million*), 82.2% of the GWP being ceded to reinsurance. Paid claims in the segment reached AMD 8.4 million, ArmInfo reports.
3 August 2020ARMENIA: insurers' total income tax increased by more than 37% y-o-y
For the first half of 2020, total taxes of Armenian insurers amounted to AMD 1.2 billion (~EUR 2.22 million*), which is almost 24% more y-o-y. Income tax grew by 37.6% and reached AMD 339.6 million of the total amount of their taxes, ArmInfo reports.
30 July 2020ARMENIA: the share of e-MTPL contracts in 1H2020 increased to 13%
The share of e-MTPL policies from the total number of MTPL contracts reached 13% as of July 2020 (vs 4% a year ago), ArmInfo reports.
23 July 2020ARMENIA: the share of e-MTPL more than tripled y-o-y
The share of electronic MTPL policies in total number of MTPL insurance contracts in Armenia, as of June 2020, increased to 13% from 4% a year ago, the latest data from the Bureau of Motor Insurers of Armenia shows, ArmInfo reports.
24 June 2020STATISTICS: ARMENIA, 1Q2020: Market declined by more than 4% amid insurers' net profit 6.5-fold growth
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.
11 June 2020ARMENIA: MTPL loss ratio decreased 10% y-o-y amid growing number of insured vehicles
In 1Q2020 the number of e-MTPL policies in Armenia increased 3.2 times y-o-y, and their share in total number of MTPL contracts jumped from 3% to 11%, ArmInfo reports with reference to the data of the Armenian Bureau of motor insurers.
7 May 2020ARMENIA: ROSGOSSTRAKH Armenia is leading among insurers in terms of tax payments for 1Q2020
Tax payments of Armenian insurers to the state budget for 1Q2020 decreased by 15.6% y-o-y, to AMD 534.7 million (~EUR 0.97 million).
28 April 2020
