Armenia
ARMENIA: The government to assume the role of reinsurer under the agroinsurance program in 2025
The Armenian government will assume the role of reinsurer under the agricultural insurance program in 2025, as stated by Armenian Minister of Economy Gevorg Papoyan, ArmInfo reports.
10 March 2025ARMENIA: Insurance sector’s profit declines at a double-digit rate
The net profit of the insurance sector in Armenia, after a 4.5-fold jump in 2022, began to decline in 2023, remaining in this trend in 2024 with a little slowdown in rate from 33% to 26%.
24 February 2025STATISTICS: ARMENIA, FY2024: premiums remained virtually unchanged, while paid claims rose by 15%
In 2024 the insurance market of Armenia practically did not grow - the growth was less than 2%, total GWP reached AMD 72.37 billion (EUR 174.86 million), as shown by the data of the Financial Rating of Insurance Companies provided to ArmInfo. It’s worth noting that in euro the market grew by 10.29% thanks to a more favorable exchange rate compared to 2023.
24 February 2025ARMENIA: LIGA Insurance again tops the list of major taxpayers in Armenia among insurance companies
For the second year in a row, LIGA Insurance tops the list of major taxpayers in Armenia among insurance companies. According to the State Revenue Committee data for January-December 2024, LIGA Insurance ranks 453rd (vs 384th a year earlier) on the list, having paid AMD 734.7 million (~EUR 1.92 million) to the state budget, ArmInfo reports.
4 February 2025ARMENIA: MTPL loss ratio in 2024 increased to 81.8%
In 2024, MTPL loss ratio in Armenia increased from 71.7% to 81.8% driven by deterioration in the annual dynamics of the number of active contracts - from a 11.7% increase a year earlier to a 0.7% decline, moderate GWP growth and double-digit growth in paid claims, according to data from the Bureau of Motor Insurers of Armenia, ArmInfo writes.
27 January 2025ARMENIA: MTPL loss ratio continues to grow – in December it reached 81.5%
The MTPL loss ratio continues to grow on the Armenian insurance market, reaching 81.5% in December of this year (vs 70% a year earlier), ArmInfo writes based on data from the Armenian Bureau of Motor Insurers.
17 December 2024ARMENIA: MTPL loss ratio reached 81.1% as of November 1
The MTPL loss ratio in the Armenian insurance market reached 81.1% as of November 1, 2024 (vs 68.2% a year ago), according to data from the Armenian Bureau of Motor Insurers, ArmInfo reports.
19 November 2024ARMENIA: At the end of 3Q2024, profit from investment activities barely maintained double-digit growth
At the end of 3Q2024, against the backdrop of deteriorating premium dynamics, insurers' profit from investment activities barely maintained double-digit growth, while the pace slowed significantly from 36.5% to 15.5%, ArmInfo reports.
19 November 2024STATISTICS: ARMENIA, 3Q2024: motor insurance grew by 11%, generating over 46% of total market premiums
At the end of 3Q2024, the insurance sector of Armenia decreased by 1.50%, amounting to AMD 54.20 billion (EUR 125.09 million), according to the data of the Financial Rating of Insurance Companies provided to ArmInfo.
13 November 2024ARMENIA: German KfW Development Bank ready to participate in implementation of the pilot agroinsurance program
German KfW Development Bank is ready to provide funds, and the state will co-finance the agroinsurance program. According to the Armenian Minister of Economy Gevorg Papoyan, negotiations with the reinsurer are already underway, ArmInfo writes.
12 November 2024ARMENIA: Insurers' tax payments increased by 6.3% y-o-y
From January to September 2024, Armenian insurers paid taxes in the amount of AMD 1.7 billion (USD 4.4 million), which is 6.3% higher y-o-y in local currency, ArmInfo writes with reference to the data of the State Revenue Committee of the Republic of Armenia.
5 November 2024ARMENIA: Introduction of universal health insurance postponed
Introduction of universal health insurance (UHI) in Armenia in 2025 is not planned, as the Minister of Finance of Armenia Vahe Hovhannisyan stated in the parliament on November 1, since the draft budget for next year does not include a corresponding expenditure item, ArmInfo reports.
5 November 2024ARMENIA: MTPL loss ratio reaches 79.1% by September 1
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.
26 September 2024ARMENIA: The Bureau of Motor Insurers of Armenia again raises the maximum threshold for the European Accident Statement
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.
18 September 2024ARMENIA: MTPL loss ratio increases to 79.3%
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.
4 September 2024ARMENIA: Insurers' investment income is growing at double-digit rates
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.
4 September 2024STATISTICS: ARMENIA, 1H2024: net profit decreased by 65% y-o-y
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).
21 August 2024ARMENIA: a new product introduced on the insurance market
In Armenia, Ingo insurance company has introduced a completely new product for the Armenian financial market – income protection insurance, ArmInfo reports.
15 August 2024STATISTICS: ARMENIA, 1Q2024: GWP decreased by 19%, while paid claims jumped by 42%
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).
15 May 2024ARMENIA: net profit in 1Q declines by 73%
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.
14 May 2024
