According to the Financial Rating of Insurance Companies of Armenia, prepared by ArmInfo, the annual growth in paid claims was provided by three companies in the range from 2.4% to 9.2%, while the decline in paid claims of the other three companies was from 5.5% to 23.5% (the maximum recorded by INGO Armenia), ArmInfo reports.
In terms of insurance classes, a down trend in paid claims (vs growth in 2019) was recorded by: cargo insurance (-81.5%), travel insurance (-61.4%), health insurance (-10%) and MTPL (-8.8%). Paid claims continued to drop also in general liability insurance (-30.4%). On the other hand, paid claims grew in such classes as property insurance, financial damage, accidents insurance, Motor Hull, etc. The largest share in the portfolio of paid claims is traditionally occupied by MTPL (58.6%), followed by health insurance (31.6% of the total), while Motor Hull accounted for 4.5%.
The number of insured events in 2020 was about 305.5 thousand, which is 13.7% less y-o-y. In terms of the number of insured events, health insurance is in the lead (238.6 thousand events), while 64.2 thousand events were registered in MTPL, and 1.5 thousand - in Motor Hull.
Among the six insurers in Armenia, the leader in terms of paid claims' volume for 2020 is ROSGOSSTRAKH Armenia (AMD 7.7 billion), followed by INGO Armenia (AMD 4.8 billion), while Armenia Insurance paid the least amount (AMD 1.7 billion).
*at the following exchange rate:
1 EUR = 641.11 AMD (as of 30.12.2020)
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