Armenia
ARMENIA: 5 of 6 active insurers in 2019 increased their profit
According to the data of the Financial Rating of Armenian insurance companies, prepared by ArmInfo, total net profit of local insurers in 2019 increased 7.3 times (vs. a decline by 67.6% in 2018), and reached AMD 1.4 billion (USD 3 million).
6 February 2020ARMENIA: over AMD 229 billion required for introduction of the general health insurance
Starting January 1, 2020, income tax amount was reduced and will reach soon 20%. Considering new income tax rates and increased minimum wage amount, citizens of the country will be able to receive extra AMD 1.5 billion (~EUR 2.84 million) monthly, ArmInfo reports.
28 January 2020ARMENIA: new health tax to attract additional resources into healthcare to be introduced
According to the Minister of Health of Armenia, Arsen TOROSYAN, the healthcare sector needs additional resources in the amount of AMD 150 billion (~EUR 283 million); the new health tax of 6% on the wages of the working population might be the source of that, ArmInfo reports.
5 December 2019STATISTICS: ARMENIA, 3Q2019: growth rate of paid claims slowed noticeably from 37.9% to 9.9%
At the end of 3Q2019, Armenian insurance market generated GWP worth of AMD 36.5 billion (EUR 70.3 million), 19.7% more y-o-y. In European currency the market growth looked much more impressive (+28.8%) thanks to a more favorable exchange rate of dram against euro.
21 November 2019ARMENIA: in January-September taxes of the insurance sector decreased by 25% y-o-y
For the first 9 months of 2019, taxes paid by Armenian insurers amounted to AMD 1,211 billion (~EUR 2.33 million), 25% less y-o-y in local currency, ArmInfo reports.
7 November 2019ARMENIA: January-September insurance portfolio of Export Insurance Agency of Armenia up 1.76 times y-o-y
From January to September 2019, the insurance portfolio of the Export Insurance Agency of Armenia increased by 1.76 times, to AMD 6.28 billion (~EUR 12 million), according to Tigran KHACHATRYAN, the Armenian Minister of economy, as ArmInfo reports.
16 October 2019ARMENIA: agroinsurance mechanism to be launched soon
As Armenian Prime minister Nikol PASHINYAN announced, agricultural insurance is about to start in the country, and its mechanism will be operated in a test mode at the first stage to determine all possible weak points, ArmInfo reports.
3 October 2019ARMENIA: insurers' taxes for the first six months decreased by more than 18% y-o-y
From January to June 2019, taxes paid by local insurers in Armenia amounted to AMD 928.5 million (~EUR 1.7 million), which is 18.2% less y-o-y, ArmInfo reports.
10 September 2019STATISTICS: ARMENIA: in January-June total net profit of insurers increased by 71% y-o-y
In the first half of 2019 Armenian insurers have recorded a consolidated net profit by 71% higher as compared with the similar period of 2018, amounting to AMD 757.8 million (~USD 1.6 million), ArmInfo reports.
8 August 2019ARMENIA: annual increase to insurer taxes exceeded 11% in 1Q2019
In the first quarter of 2019, Armenian insurers paid 11.8% more y-o-y in taxes. Total taxes of the insurance industry amounted to AMD 633.9 million, of which AMD 542.3 million (86%) fell into direct taxes, ArmInfo reported.
30 May 2019STATISTICS: ARMENIA, 1Q2019: market growth slowed down by 30%
Total GWP of Armenian insurers in the 1st quarter amounted to AMD 16.5 billion (EUR 30.28 million), 17.4% more y-o-y in local currency (vs 47.6% a year ago according to the insurer's portfolio data), market results from ArmInfo show.
23 May 2019ARMENIA: average MTPL loss ratio increased to 64.5%
For the first three months of this year, the average MTPL loss ratio increased from 62.9% to 64.5% (without deduction of reserves) and from 71.1% to 73.7% (with deduction of reserves), according to the Bureau of Motor Insurers.
8 May 2019ARMENIA: court rejects ROSGOSSTRAKH in the claim for returning RGS-Armenia
The Arbitration Court of the Moscow Region rejected ROSGOSSTRAKH's request to cancel the transaction of the sale of 100% shares of the subsidiary insurer RGS-Armenia to the Cypriot Company Cimarex Management Limited, as reported by TASS Russian News Agency.
4 April 2019ARMENIA: corporate insurance in 2018 accelerated growth from 8.5% to 28.8%
According to the results of 2018, retail insurance in Armenia amounted to 51.8% or AMD 21.3 billion, while corporate insurance reached 48.2% or AMD 19.7 billion, as data from the Financial Rating of insurance companies of Armenia, prepared by ArmInfo, show.
28 February 2019STATISTICS: ARMENIA, FY2018: insurers' total net profit down by 67.6% y-o-y due to fast increasing claims expenses
Armenian insurers' GWP reached AMD 41 billion (EUR 74 million) in 2018, according to data provided by ArmInfo. Denominated in local currency, the market's growth seems lower than in euro due to the Armenian dram appreciation (17.36% vs 22.97% in euro).
21 February 2019ARMENIA: insurers' dissatisfaction with Armenia's Single Window for Automotive platform is growing
Armenian insurance companies are getting increasingly unhappy with the Armenia's Single Window for Automotive (ASWA) platform, designed for handling vehicle insurance-related cases because of suffering additional losses, as Hayk ARAKELYAN, the head of the Union of Insurance Agents, said.
14 February 2019ARMENIA: the pilot agro insurance program to be launched in March
The pilot agro insurance program will be launched in March, 2019 in 5 regions of Armenia, according to the Deputy Minister of agriculture of Armenia Gegham GEVORGYAN, as ArmInfo wrote.
7 February 2019ARMENIA: Universal health insurance fund to go live from 2021, based on Estonian experience
From 2021 a Universal health insurance fund will start operations within the frame of the phased introduction of the compulsory health insurance (CHI) system, as Arsen TOROSYAN, the Health minister of Armenia, announced.
30 January 2019Armenian Nairi Insurance accused of huge tax evasion
29 January 2019ARMENIA: in 2018 MTPL GWP increased by about 5.5% y-o-y, while its loss ratio reached 72.5%
MTPL loss ratio in Armenia in 2018 increased from 65% to 72.5%, based on the data of the Armenian Bureau of Motor insurers.
23 January 2019
