The Insurance Industry in Armenia, Key Trends and Opportunities

Although very small, the Armenian insurance industry registered significant growth during the review period (20092013). Its written premium grew at a review-period compound annual growth rate (CAGR) of 50.9%. This was mainly due to the introduction of mandatory third-party motor insurance in 2011, which had a significant impact on the growth of motor insurance and the overall insurance industry. The written premium value of the motor insurance category rose at a review-period CAGR of 209.8%.

 

Synopsis

The report provides in-depth industry analysis, information and insights of the insurance industry in Armenia, including:

• The Armenian insurance industry's growth prospects by insurance segments and categories
• The competitive landscape in the Armenian insurance industry
• The current trends and drivers of the Armenian insurance industry
• Challenges facing the Armenian insurance industry
• Detailed regulatory framework of the Armenian insurance industry

Key Highlights

• The Armenian insurance industry grew at a review-period CAGR of 50.9%
• The introduction of compulsory motor third-party liability insurance on January 1, 2011 drove the demand for motor insurance
• Motor insurance was the largest category in the non-life segment in terms of written premium value during the review period
• The outlook for the Armenian insurance industry is projected to be buoyant, and is expected to achieve healthy growth over the forecast period
• There were 12 insurance providers licensed to conduct business in 2010, which fell to seven in 2011
• In terms of gross written premium, Rosgosstrakh Armenia accounted for 29.2% of the industry in 2011, followed by Ingo Armenia with 21.7%, Nairi Insurance with 11.9% and Reso with 10.5%