Armenia
ARMENIA: NAIRI Insurance tops the list of major taxpayers among insurers
The volume of taxes in the insurance sector of Armenia in January-September 2022 amounted to AMD 1.3 billion (~EUR 3.30 million) which is 36.1% lower than a year ago. Of this amount, AMD 1.1 billion fell on direct taxes, with an annual decrease of 39.7%, according to the data of the State Revenue Committee of the Republic of Armenia, ArmInfo wrote.
25 October 2022ARMENIA: health insurance for the entire population of Armenia to be introduced in stages until 2027
The health insurance system in Armenia will be introduced in stages until 2027, as stated by Health Minister Anahit AVANESYAN, ArmInfo wrote.
19 October 2022ARMENIA: in January-August 2022, MTPL loss ratio decreased to 63%
In January-August 2022, the MTPL loss ratio in Armenia decreased to 63% from 79% a year earlier, being below the pre-Covid level of 72% (in Jan-Aug 2019).
21 September 2022STATISTICS: ARMENIA, 1H2022: the market expanded by more than 27%, while paid claims decreased by 3% (in local currency)
The insurance sector of Armenia ended 1H2022 with total GWP worth AMD 33.82 billion (EUR 79.87 million), which is 27.30% more y-o-y. Paid claims decreased by about 3% to AMD 13.18 billion (EUR 31.13 million), according to the data provided by ArmInfo.
25 August 2022ARMENIA: Armenia to become part of the Eurasian Reinsurance Company, which will start operating in 2023
In August, the Armenian government approved the proposal "On signing of an agreement on the establishment of the Eurasian Reinsurance Company", ArmInfo reports.
24 August 2022ARMENIA: tax payments of the insurance sector decreased by 14% y-o-y in 1H
According to the results of the first half of 2022, only three out of six insurance companies entered the list of 1000 largest taxpayers in Armenia - NAIRI Insurance, INGO Armenia and ROSGOSSTRAKH Armenia, ArmInfo reports.
3 August 2022ARMENIA: MTPL loss ratio decreased to 65% in the first half of the year
MTPL loss ratio in Armenia in the first half of 2022 decreased to 65% from 81% in the same period of 2021, which is even lower than the pre-Covid level of 73% in 2019, ArmInfo wrote.
22 July 2022STATISTICS: ARMENIA, 1Q2022: the number of travel insurance contracts concluded during the quarter recorded, 2.5 times higher y-o-y
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.
2 June 2022ARMENIA: MTPL loss ratio decreased in January-April 2022 to 67%
According to the Bureau of Motor Insurers of Armenia, the number of vehicles with MTPL policy increased in January-April 2022 by 11.1% y-o-y (vs 5.5% in the same period in 2019). In quantitative terms, by May 2022, there were already 587,297 such vehicles, ArmInfo reports.
19 May 2022ARMENIA: ROSGOSSTRAKH Armenia holds the lead in terms of net premiums and paid claims
ROSGOSSTRAKH Armenia holds the lead in terms of net insurance premiums, and leads in terms of net paid claims as well, according to the data of the Financial Rating of Insurance Companies of Armenia as of March 31, 2022, prepared by ArmInfo.
10 May 2022ARMENIA: the pilot program for agricultural insurance to be expanded
A decision was made to expand the pilot agricultural insurance program in Armenia so that farmers can insure grain crops, in particular wheat, barley, oats, against the natural risk of drought, ArmInfo wrote referring to the official statement of the Armenian Ministry of Economy.
3 May 2022ARMENIA: tax payments of insurers in 1Q increased by more than 35% y-o-y
According to the 1Q2022 results, the insurance sector of Armenia increased tax payments to the state budget by 35.3% y-o-y, having paid AMD 667.7 million (~EUR 1.25 million), ArmInfo reports according to the State Revenue Committee of the Republic of Armenia.
27 April 2022ARMENIA: MTPL loss ratio in the first quarter approached the level of 2017
For the first quarter of 2022, the number of vehicles with MTPL policy in Armenia increased by 10.4% y-o-y (vs a decline of 6.5% a year earlier and an increase of 3.6% in 2019). This growth is higher than the level of the corresponding pre-Covid period, thus allowed MTPL GWP to exceed the trend of two years ago, ArmInfo reports.
19 April 2022ARMENIA: in January-February 2022, the number of vehicles with MTPL policy increased by 9.8% y-o-y
In January-February 2022, the number of vehicles with MTPL policy in Armenia increased by 9.8% y-o-y (according to the Bureau of Motor Insurers of Armenia) vs a decline of 9.1% a year earlier and an increase of 4.3% in the same period of 2019.
22 March 2022STATISTICS: ARMENIA, FY2021: insurers' business expanded by almost 11% (in local currency)
The insurance sector of Armenia ended 2021 with an increase of almost 11% y-o-y, reaching AMD 49.38 billion (EUR 91.01 million). However, the increase in paid claims more than doubled the GWP increase (almost 23%), their total volume amounted to AMD 28.50 billion (EUR 52.54 million), according to the data on activities of insurance companies provided by ArmInfo.
21 February 2022ARMENIA: profit of the insurance sector decreased by 79.2% in 2021
At the end of 2021, profit of the Armenian insurance sector decreased by 79.2% to AMD 849.4 million (EUR 1.56 million*).
16 February 2022ARMENIA: MTPL tariffs increase for the first time in 10 years
On February 7, 2022, the cost of MTPL policies in Armenia increased, as the decision of the Board of Directors of the Bureau of Motor Insurers of Armenia dated December 23, 2021, aimed at increasing MTPL GWP due to a strong increase in paid claims and unprofitability in the segment last year, came into force, ArmInfo reports.
16 February 2022ARMENIA: Moody's assigns Ba3 rating to Armenia's Export Insurance Agency, outlook stable
Moody's has assigned to the Export Insurance Agency of Armenia (EIAA) insurance financial strength ratings (Insurance Financial Strength Ratings - IFSRs) at Ba3 in foreign and national currencies, with a stable outlook, ArmInfo reports.
25 January 2022ARMENIA: the share of e-MTPL policies in 2021 reached almost a quarter of all MTPL contracts
According to the Bureau of Motor Insurers of Armenia, the number of vehicles with MTPL policy increased by 9.6% in 2021 (after a decline of 12.4% in 2020), however, it is still far from the pre-Covid growth of 18.5% in 2019, ArmInfo reports.
25 January 2022ARMENIA: the share of e-MTPL policies at the end of November almost reached a quarter of all MTPL contracts
According to the Bureau of Motor Insurers of Armenia, the number of vehicles with MTPL policies is gradually recovering growth rates and in January-November 2021 grew by 8.3% y-o-y but is still far behind the "precovid" growth rates of 14.2% over the same period in 2019.
31 December 2021
