In the Armenian insurance market, the MTPL loss ratio, after declining throughout 2025 from 81.8% to 76.3%, began to increase in 2026. This trend continued until May, and then began to decline to 73.1% for January-May, according to data from the Armenian Bureau of Motor Insurers, ArmInfo reports.

The decline in the loss ratio in January-May 2026 was observed against the backdrop of an accelerated annual growth in the number of active contracts from 6.8% to 8.9%, GWP - from 16% to 19.2%, and a more significant increase in paid claims from 5.1% to 18%.

According to the Bureau, the number of vehicles with MTPL policies is growing moderately year-on-year, at a rate of 6.7%. The share of e-policies in the total number of MTPL agreements increased year-on-year from 36% to 38%.

From January to May 2026, GWP collected under existing policies exceeded AMD 15.6 billion (USD 42.4 million), while paid claims reached AMD 10.6 billion (USD 28.9 million). The average payment was AMD 279,419 (USD 759 vs USD 699 a year ago).

According to the Bureau, REGO Insurance covers the largest number of vehicles with MTPL policies (approximately 19% of the market). Incidentally, this company's MTPL loss ratio increased year-on-year from 69% to 74%. INGO had the highest MTPL loss ratio (81% vs 70% a year ago), while Nairi Insurance had the lowest (60% vs 62% a year ago).

INGO and Nairi Insurance continue to lead in this class in terms of claims, with claims volumes of AMD 2.0-1.9 billion (19-17% of the total).

It is noted that in April 2023, the Armenian insurance market began liberalizing MTPL tariffs, and within a quarter, the MTPL loss ratio began to increase. This trend continued until 2025, at the beginning of which, in February, a significant increase in MTPL rates allowed insurance companies to improve their efficiency, and the loss ratio began to decline. But already in 2026, specifically from February, the growth of the loss ratio resumed, with this trend continuing until May.