As of September 1, 2024, MTPL loss ratio in Armenia reached 79.1% (from 65% last year), ArmInfo writes with reference to data from the Bureau of Motor Insurers of Armenia.
According to the Bureau of Motor Insurers of Armenia, from September 18, the maximum damage threshold for the European Accident Statement will be increased to AMD 400,000 (~EUR 940) from the previous AMD 200,000, ArmInfo writes.
As of August 1, 2024, the MTPL loss ratio in Armenia increased to 79.3% from 64% a year ago, АrmInfo reports with reference to data from the Bureau of Motor Insurers of Armenia.
According to the 1H2024 results, amid the deteriorating premium dynamics, insurers' investment income continues to grow at double-digit rates, remaining at 27% for the second year in a row, ArmInfo writes.
In the first half of 2024 the insurance sector of Armenia decreased by 6.32% to AMD 38.67 billion (EUR 93.04 million), according to the data of the Financial Rating of Insurance Companies provided to ArmInfo. At the same time, paid claims skyrocketed by 31.65% to AMD 20.55 billion (EUR 49.44 million).
In Armenia, Ingo insurance company has introduced a completely new product for the Armenian financial market – income protection insurance, ArmInfo reports.
At the end of 1Q2024, the insurance sector of Armenia recorded a GWP decrease by 19.10% to AMD 19.26 billion, according to the data of the Financial Rating of Insurance Companies provided by ArmInfo. It’s interesting that in euros the decline was approximately the same (-19.44%, EUR 45.43 million).
In 1Q2024, the net profit of the Armenian insurance sector decreased by 73% y-o-y (vs an increase of 41.2% a year ago). Experts note that this was impacted by an increase in paid claims and a decline in premiums, while a year earlier they saw growth, ArmInfo reports.
According to the 1Q2024 results, the list of 1000 largest taxpayers in Armenia included, as a year earlier, 3 insurance companies out of the existing 7: LIGA Insurance, Nairi Insurance and INGO Armenia (now INGO), ArmInfo reports.
As part of the pilot agroinsurance program, the Armenian government will not only subsidize insurance premiums, but also compensate the costs of insurance companies if a certain threshold of insurance payments is exceeded, as Minister of Economy Gevorg Papoyan said on April 12, ArmInfo writes.
The insurance sector of Armenia ended 2023 with an increase of 16.26%, reaching AMD 71.01 billion, as evidenced by the data of the Financial Rating of Insurance Companies provided by ArmInfo. It is worth noting that in euros the annual market growth was almost half as much (+9.03%, EUR 158.55 million).
In 2023, as part of the pilot agroinsurance program, all 13 agricultural crops included in the program were insured, and the total area of insured land reached 11,000 hectares, ArmInfo writes with reference to the press service of the Ministry of Economy of Armenia.
In the insurance market of Armenia, MTPL loss ratio increased by December 1, 2023 to 70% from 65% a year earlier, ArmInfo writes with reference to data from the Bureau of Motor Insurers of Armenia.
In the insurance market of Armenia, the MTPL loss ratio by November 1, 2023 reached 68% (vs 64% a year earlier), ArmInfo reports citing the data of the Bureau of Motor Insurers of Armenia.
In the insurance market of Armenia, the growth of paid claims continues to accelerate and the GWP growth slows down, as a result market profits began to decline. At the end of 3Q2023, net profit decreased by 9.4% to AMD 3.2 billion (USD 8.2 million), according to the Financial Rating of Insurance Companies of Armenia, prepared by ArmInfo.
At the end of 3Q2023, the insurance sector of Armenia grew by 15.67%, reaching AMD 55.03 billion (EUR 131.85 million), according to the data from the Financial Rating of Insurance Companies provided by ArmInfo.
The health insurance system of Armenia will be launched from mid-2024, AMD 18 billion (~EUR 41.86 million) will be allocated for these purposes, according to the Minister of Health Anahit Avinesyan, ArmInfo wrote.
On the insurance market of Armenia, MTPL loss ratio continued to grow and reached 66% as of October 1, 2023 (vs 64% a year ago), ArmInfo reports with reference to the Bureau of Motor Insurers of Armenia.
MTPL loss ratio began to slowly grow in the Armenian insurance market - by September 1, 2023, on an annual basis, it increased from 63% to 65%, ArmInfo reports.