Armenia
ARMENIA: export insurance in 2018 increased by 73%
In 2018 export insurance recorded a significant growth. Total insured amount was AMD 7.9 billion (+73% y-o-y), at that total insurance premiums exceeded the planned level for 2018-2020 by 31%, as the press office of the Export Insurance Agency of Armenia announced.
18 January 2019ARMENIA: for January-September 2018 insurers paid taxes by almost 24% less y-o-y
Tax payments of Armenian insurers for January-September 2018 decreased by 23.8% y-o-y. Including direct taxes (such as profit tax and income tax), which dropped by 26.3% y-o-y, as ArmInfo wrote.
9 January 2019Armenia introduces insurance system in agriculture sector
2 December 2018Armenian insurance companies post 77% drop in net profit
27 November 2018VTB Bank (Armenia) and SIL Insurance launch joint mortgage lending program
19 November 2018Agricultural insurance program to gradually expand coverage in Armenia
19 November 2018VTB Bank offers deposit accounts for all segments of population along with improving its line of products
5 November 2018STATISTICS: ARMENIA, 3Q2018: GWP up by 24.27%, more than half of the premiums generated by motor insurance
Based on 3Q2018 results, GWP of the market exceeded AMD 30.5 billion, according to insurers' reports compiled by the information portal ArmInfo. The market y-o-y growth rate was of 24.27%.
1 November 2018ARMENIA: launch date of agro insurance project is not yet determined
The Agricultural Ministry of Armenia previously announced that around the end of 2018 and beginning of 2019, insurers would start to sell agro insurance policies. However, as of now, launch of the agro insurance project is not yet determined and no memorandums are signed with insurers, as member of the Agricultural Alliance and Council to the CEO of NAIRI company, Artak MARTIROSYAN, announced.
24 October 2018ARMENIA: partnership in export insurance between representatives of Swiss Re and Malakut-Trade Credit Insurance
On September 4, the Minister of economic development and investments of Armenia, Artsvik MINASYAN, discussed partnership in export insurance with the chief insurance officer of Malakut-Trade Credit Insurance, Audrius ROSINASI, and Magnus NIGZHET, a Swiss Re representative, responsible for the export insurance line in Armenia, said ArmInfo.
13 September 2018Armenian government to test pilot agriculture insurance project
4 September 2018STATISTICS: ARMENIA, H1 2018 result: growth of paid claims exceeded growth rate of premiums and amounted to almost 35%
Armenian market increased in local currency by 29.64% to AMD 22 billion (~EUR 39 million) in 1H2018, based on the data of ArmInfo portal. At that, growth rate of paid claims exceeded premiums and amounted to 34.91%.
16 August 2018ARMENIA, 1H: loss ratio in MTPL and health insurance increased to 67% and 42.5% respectivelly
In Armenia as of July 1 this year loss ratio in MTPL and health insurance increased (from 55.6% to 67% and from 41.7% to 42.5% respectivelly), and Motor Hull saw an opposite trend- decline of loss ratio (70.6% vs 78.6% compared to the same period last year), wrote ArmInfo portal.
13 August 2018ARMENIA, 1H: corporate insurance lines' growth rate increased from 8.5% to 58.2%
Based on the 1H2018 results, the growth rate of corporate insurance lines significantly increased from 8.5% to 58.2%, outperforming the individual insurance segment (2.7% to 6% increase), so that the share of this insurance in portfolio of local insurers reached 55.3%, wrote ArmInfo portal.
13 August 2018STATISTICS: ARMENIA, 1Q2018: INGO Armenia takes the market leadership after the first three months
In Q1 2018 Armenian insurers generated about 14 billion AMD of premiums, while in European currency this volume amounted to almost EUR 24 million, according to the information provided by ArmInfo news agency.
6 June 2018ARMENIA: further development of health insurance requires support from World Health Organization
The Head of the Armenian office of the World Health Organization (WHO), Egor ZAYTSEV announced that WHO will render technical assistance to Armenia in expansion of health insurance, as informed by ArmInfo.
29 May 2018Armenia: insurance market grew by 47.6% after Q1
During the first 3 months Armenian market generated AMD 14.1 billion of premiums, which is 47.6% more than e year before, paid claims amounted to AMD 5.7 billion (+36.9%), according to ArmInfo agency.
17 May 2018ARMENIA: MTPL loss ratio could hit 70% by the end of 2018
MTPL loss ratio may amount to 70% by the end of 2018, said ArmInfo with reference to the market forecast of the General Manager of the Armenian Bureau of Motor Insurers, Vaan AVETISYAN.
4 April 2018STATISTICS: ARMENIA, FY2017: claims expenses went up at a significantly higher pace than GWP
Claims expenses growth exceeded by far the GWP increasing pace in 2017, in the Armenian market. Thus, while paid claims went up by 24.9% - against 4.9% growth in 2016 -, GWP saw a y-o-y growth rate of only 6.2%, slightly improved as compared with the previous year (5%).
21 February 2018ARMENIA: Retail insurance market accelerated the upward trend for 2017 from 0.2% to 4.5%, while the corporate market slowed from 12.1% to 8.5%
The share of retail insurance in the portfolios of premiums of Armenian insurers amounted to 56.1% (19.6 billion AMD), corporate - 43.9% (15.3 billion) in 2017. At the same time, the capacity of the retail insurance market accelerated the upward trend to 4.5% from 0.2% in 2016, and, at the same time, corporate insurance growth slowed to 8.5% from 12.1% in 2016. Before the introduction of OSAGO in Armenia, as well as compulsory individual health insurance of state employees, the share of corporate insurance significantly prevailed over retail.
13 February 2018
