Wednesday, February 15 2017 17:33

ArmInfo. In 2016, the Armenian insurance companies' indemnities totaled 14.2 bln AMD or $29.4 mln (the figures are taken from the insurance companies' reports in accordance with CB standards). In 2016, the insurance companies' indemnities grew by 4.9% (versus 38.4% decline in 2015).  The insurance premiums of the companies rose by 5% to 32.9 bln AMD or $68 mln (versus 4.3% growth in 2015).

According to ArmInfo's Ranking of Insurance Companies of Armenia, five companies ensured year-over-year growth in indemnities, with the growth demonstrated by SIL Insurance and Rosgosstrakh Armenia being the largest - 14.5% and 8.3%, respectively. INGO Armenia was the only company to suffer year-over-year loss - 5.5%.

As regards the classes of insurance, indemnities of cargo transportation insurance demonstrated 2.7-fold year-over-year growth, insurance of the use of overland transport rose 2.3-fold, insurance of property against fire and disasters rose by 86.4%, insurance of financial damage - by 57.2%, while indemnities of property against other damage dropped by 80.4% and those of general liability insurance fell by 44.8%. In motor third party liability insurance, indemnities demonstrated 3.5% growth versus 12.7% decline in 2016, whereas motor own damage insurance indemnities ensured 6.9% growth versus 18.1% decline in 2015. In health insurance indemnities rose by 5% versus 28.6% fall in 2015, while casualty insurance indemnities fell by 31.8% versus 21.1% growth in 2015. Indemnities of cargo transportation insurance rose 2.7-fold versus 94.9% decline in 2015.  No indemnities were registered in insurance of credit risks (only Rosgosstrakh Armenia is licensed to provide such services) or in insurance of water transport and water transport use liability (only INGO Armenia is licensed to provide such services).

Rosgosstrakh Armenia retained leadership in terms of insurance indemnities - 4.9 bln AMD (the company also retained leadership in terms of premiums). INGO Armenia ranked next with 3.3 bln AMD. Nairi Insurance was the third with 2.03 bln AMD. SIL Insurance was the fourth with 2.01 bln AMD, RESO was the fifth with 1.3 bln AMD, and Armenia Insurance was the sixth with 739.4 mln AMD.

The biggest share of indemnities was registered in MTPL insurance - 61.9% or 8.8 bln AMD versus 62.8% a year before. The share of health insurance indemnities was 24.02% or 3.4 bln AMD versus 23.98% a year before. The share of motor own damage insurance indemnities was 1.1 bln AMD or 8.03% versus 7.9% a year before. Indemnities in financial damage insurance made up 2.95% or 419.3 mln versus 1.97% a year before. In other classes indemnities ranged within 5.5-142.6 mln AMD, with the smallest share registered in insurance of air transport (0.04% versus 0% a year before) and the biggest share fixed in property insurance (1.01% versus 1.46% a year before).

In 2016, the insurance companies of Armenia registered almost 182 thsd insurable events, with over 132 tshd of the events falling on health insurance.  The insurance companies fixed about 46 thsd insurable events in MTPL. Motor own damage insurance held the third position by the number of insurable events - almost 2 thsd events.  The insurance market of Armenia has 2 compulsory classes of insurance - MTPL insurance and health insurance for state employees.

To note, there are 6 companies in the insurance market of Armenia, which provided services in 17 classes (out of 19) of insurance. INGO Armenia (the only company insuring water transport) is licensed to provide services in 16 classes of insurance, and Rosgosstrakh Armenia (the only company providing credit risk insurance) provides services in 15 classes of insurance (on 31 Dec 2016, the AMD/USD exchange rate was 483.94 AMD/$1).