Armenia

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Location map
author: OCHA/ ReliefWeb


Location:
- Southwestern Asia.
- Neighbours: Turkey, Georgia, Azerbaijan, Iran.

Climate:
- highland continental, hot summers, cold winters.

Natural hazards:
- occasionally severe earthquakes; - droughts.

Macro indicators
* 2018 estimates
Surface:29,743km2
Population*:3.0million
Pop. density*:100.5people/km2
GDP*:11.0EUR billion
GDP/capita*:3,673.4EUR

Currency: Dram

Code: AMD
Since: 1993


Insurance market portfolio
* 2018 estimates
Overall Property*:9%
Overall Motor*:54%
Health*:26%

Sources:



 





ARMENIA: 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.






STATISTICS: 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).



ARMENIA: 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.



STATISTICS: ARMENIA, FY2023: motor insurance generates over 44% of all premiums

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).