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The Insurance Industry in Armenia, Key Trends and Opportunities to 2018 - Product Image

The Insurance Industry in Armenia, Key Trends and Opportunities to 2018

  • Published: March 2014
  • Region: Armenia
  • 127 Pages
  • Timetric
The non-life segment accounted for 90.9% of the industry’s gross, in the insurance industry in Armenia.

FEATURED COMPANIES

  • Armenia Insurance
  • Garant-Limence Armenia
  • Ingo Armenia
  • Nairi Insurance
  • Reso Insurance
  • Rosgosstrakh Armenia
  • MORE

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

Summary
Although very small, the Armenian insurance industry registered significant growth during the review period (2009–2013). 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%.

Scope
This report provides a comprehensive analysis of the insurance industry in Armenia:
- It provides historical values for the Armenian insurance industry for the report's 2008–2012 READ MORE >

1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Armenian Insurance Industry Overview
3.1 Armenian Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
4 Industry Segmentation
4.1 Non-Life Insurance
4.1.1 Property insurance
4.1.2 Motor insurance
4.1.3 Liability insurance
4.1.4 Marine, aviation and transit insurance
4.2 Personal Accident and Health Insurance
4.2.1 Personal accident insurance
4.2.2 Health insurance
4.3 Reinsurance
5 Governance, Risk and Compliance
5.1 Legislation Overview and Historical Evolution
5.2 Regulations by Type of Insurances
5.2.1 Life insurance regulations
5.2.2 Property insurance regulations
5.2.3 Motor insurance regulations
5.2.4 Marine, aviation and transit insurance regulations
5.2.5 Personal accident and health insurance regulations
5.3 Compulsory Insurance
5.3.1 Motor third-party liability
5.4 Supervision and Control
5.4.1 International Association of Insurance Supervisors (IAIS)
5.4.2 Central Bank of Armenia (CBA)
5.5 Non-Admitted Insurance Regulations
5.5.1 Overview
5.5.2 Intermediaries
5.5.3 Market practices
5.5.4 Fines and penalties
5.6 Company Registration and Operations
5.6.1 Types of insurance organization
5.6.2 Establishing a local company
5.6.3 Foreign ownership
5.6.4 Types of license
5.6.5 Capital requirements
5.6.6 Solvency margins
5.6.7 Reserve requirements
5.6.8 Investment regulations
5.6.9 Statutory return requirements
5.6.10 Fee structure
5.7 Taxation
5.7.1 Insurance premium or policy taxation
5.7.2 Withholding taxes on premium paid overseas
5.7.3 Corporate tax
5.7.4 VAT
5.7.5 Captives
5.8 Legal System
5.8.1 Introduction
5.8.2 Access to court
5.8.3 Alternative dispute resolution (ADR)
6 Competitive Landscape
6.1 Overview
6.2 Leading Companies
6.2.1 Rosgosstrakh Armenia – company overview
6.2.2 Ingo Armenia – company overview
6.2.3 Nairi Insurance – company overview
6.2.4 Reso Insurance – company overview
6.2.5 Garant-Limence – company overview
6.2.6 Armenia Insurance – company overview
6.2.7 Sil Insurance – company overview
7 Economic Indicators
7.1 GDP at Constant Prices (US$)
7.2 GDP Per Capita at Constant Prices (US$)
7.3 GDP at Current Prices (US$)
7.4 GDP Per Capita at Current Prices (US$)
7.5 Inflation Rate
7.6 Exports as a Percentage of GDP
7.7 Imports as a Percentage of GDP
7.8 Annual Average Exchange Rate EUR–US$
7.9 Infrastructure
7.9.1 Total internet subscribers
7.1 Labour Force
7.10.1 Labor force
7.10.2 Unemployment rate
7.11 Demographics
7.11.1 Total population
7.11.2 Urban and rural populations
7.11.3 Age distribution of the total population
8 Appendix
8.1 Methodology
8.2 Contact Timetric
8.3 About Timetric
8.4 Timetric's Services
8.5 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions
Table 2: Armenian Insurance – Overall Written Premium by Segment (AMD Billion), 2009–2013
Table 3: Armenian Insurance – Overall Written Premium by Segment (US$ Million), 2009–2013
Table 4: Armenian Insurance – Overall Written Premium by Segment (AMD Billion), 2013–2018
Table 5: Armenian Insurance – Overall Written Premium by Segment (US$ Million), 2013–2018
Table 6: Armenian Insurance – Segmentation (Percentage Share), 2009–2018
Table 7: Armenian Non-Life Insurance – Written Premium by Category (AMD Billion), 2009–2013
Table 8: Armenian Non-Life Insurance – Written Premium by Category (US$ Million), 2009–2013
Table 9: Armenian Non-Life Insurance – Written Premium by Category (AMD Billion), 2013–2018
Table 10: Armenian Non-Life Insurance – Written Premium by Category (US$ Million), 2013–2018
Table 11: Armenian Non-Life Insurance – Paid Claims (AMD Billion), 2009–2013
Table 12: Armenian Non-Life Insurance – Paid Claims (AMD Billion), 2013–2018
Table 13: Armenian Non-Life Insurance – Incurred Loss (AMD Billion), 2009–2013
Table 14: Armenian Non-Life Insurance – Incurred Loss (AMD Billion), 2013–2018
Table 15: Armenian Non-Life Insurance – Loss Ratio (%), 2009–2013
Table 16: Armenian Non-Life Insurance – Loss Ratio (%), 2013–2018
Table 17: Armenian Non-Life Insurance – Combined Ratio (%), 2009–2013
Table 18: Armenian Non-Life Insurance – Combined Ratio (%), 2013–2018
Table 19: Armenian Non-Life Insurance – Total Assets (AMD Billion), 2009–2013
Table 20: Armenian Non-Life Insurance – Total Assets (AMD Billion), 2013–2018
Table 21: Armenian Non-Life Insurance – Retentions (AMD Billion), 2009–2013
Table 22: Armenian Non-Life Insurance – Retentions (AMD Billion), 2013–2018
Table 23: Armenian Property Insurance – Written Premium (AMD Billion), 2009–2013
Table 24: Armenian Property Insurance – Written Premium (AMD Billion), 2013–2018
Table 25: Armenian Motor Insurance – Written Premium (AMD Billion), 2009–2013
Table 26: Armenian Motor Insurance – Written Premium (AMD Billion), 2013–2018
Table 27: Armenian Liability Insurance – Written Premium (AMD Billion), 2009–2013
Table 28: Armenian Liability Insurance – Written Premium (AMD Billion), 2013–2018
Table 29: Armenian Marine, Aviation and Transit Insurance – Written Premium (AMD Billion), 2009–2013
Table 30: Armenian Marine, Aviation and Transit Insurance – Written Premium (AMD Billion), 2013–2018
Table 31: Armenian Personal Accident and Health Insurance – Written Premium by Category (AMD Billion), 2009–2013
Table 32: Armenian Personal Accident and Health Insurance – Written Premium by Category (US$ Billion), 2009–2013
Table 33: Armenian Personal Accident and Health Insurance – Written Premium by Category (AMD Billion), 2013–2018
Table 34: Armenian Personal Accident and Health Insurance – Written Premium by Category (US$ Billion), 2013–2018
Table 35: Armenian Personal Accident and Health Insurance – Paid Claim (AMD Billion), 2009–2013
Table 36: Armenian Personal Accident and Health Insurance – Paid Claim (AMD Billion), 2013–2018
Table 37: Armenian Personal Accident and Health Insurance – Incurred Loss (AMD Billion), 2009–2013
Table 38: Armenian Personal Accident and Health Insurance – Incurred Loss (AMD Billion), 2013–2018
Table 39: Armenian Personal Accident and Health Insurance – Loss Ratio (%), 2009–2013
Table 40: Armenian Personal Accident and Health Insurance – Loss Ratio (%), 2013–2018
Table 41: Armenian Personal Accident and Health Insurance – Combined Ratio (%), 2009–2013
Table 42: Armenian Personal Accident and Health Insurance – Combined Ratio (%), 2013–2018
Table 43: Armenian Personal Accident and Health Insurance – Total Assets (AMD Billion), 2009–2013
Table 44: Armenian Personal Accident and Health Insurance – Total Assets (AMD Billion), 2013–2018
Table 45: Armenian Personal Accident and Health Insurance – Retentions (AMD Billion), 2009–2013
Table 46: Armenian Personal Accident and Health Insurance – Retentions (AMD Billion), 2013–2018
Table 47: Armenian Personal Accident Insurance – Written Premium (AMD Billion), 2009–2013
Table 48: Armenian Personal Accident Insurance – Written Premium (AMD Billion), 2013–2018
Table 49: Armenian Health Insurance – Written Premium (AMD Billion), 2009–2013
Table 50: Armenian Health Insurance – Written Premium (AMD Billion), 2013–2018
Table 51: Armenian Reinsurance Ceded by Segment (AMD Billion), 2009–2013
Table 52: Armenian Reinsurance Ceded by Segment (US$ Billion), 2009–2013
Table 53: Armenian Reinsurance Ceded by Segment (AMD Billion), 2013–2018
Table 54: Armenian Reinsurance Ceded by Segment (US$ Billion), 2013–2018
Table 55: Armenian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2009–2013
Table 56: Armenian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2013–2018
Table 57: Armenian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2009–2013
Table 58: Armenian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2013–2018
Table 59: Armenia – Life Insurance Regulatory Framework
Table 60: Armenia – Property Insurance Regulatory Framework
Table 61: Armenia – Motor Insurance Regulatory Framework
Table 62: Armenia – Rating Agencies and Minimum Required Ratings
Table 63: Armenia – Corporate Tax Rates for the Financial Year 2013
Table 64: Armenian Insurance – Industry Shares (%), 2011
Table 65: Rosgosstrakh Armenia, Main Products
Table 66: Union of Burkina Insurance, Key Employees
Table 67: Ingo Armenia, Main Products
Table 68: Ingo Armenia, Key Employees
Table 69: Nairi Insurance, Main Products
Table 70: Nairi Insurance, Key Employees
Table 71: Reso Insurance, Main Products
Table 72: Union of Burkina Insurance, Key Employees
Table 73: Garant-Limence Armenia, Main Products
Table 74: Union of Burkina Insurance, Key Employees
Table 75: Reso Insurance, Main Products
Table 76: Union of Burkina Insurance, Key Employees
Table 77: Ingo Armenia , Main Products
Table 78: Ingo Armenia, Key Employees

List of Figures
Figure 1: Armenian Insurance – Overall Written Premium by Segment (AMD Billion), 2009–2018
Figure 2: Armenian Insurance – Dynamics by Segment, 2009–2018
Figure 3: Armenian Non-Life Insurance – Written Premium by Category (AMD Billion), 2009–2018
Figure 4: Armenian Non-Life Insurance – Written Premium by Category (%), 2013 and 2018
Figure 5: Armenian Non-Life Insurance – Dynamics by Category, 2009–2018
Figure 6: Armenian Non-Life Insurance – Paid Claims (AMD Billion), 2009–2013
Figure 7: Armenian Non-Life Insurance – Paid Claims (AMD Billion), 2013–2018
Figure 8: Armenian Non-Life Insurance – Incurred Loss (AMD Billion), 2009–2013
Figure 9: Armenian Non-Life Insurance – Incurred Loss (AMD Billion), 2013–2018
Figure 10: Armenian Non-Life Insurance – Loss Ratio (%), 2009–2013
Figure 11: Armenian Non-Life Insurance – Loss Ratio (%), 2013–2018
Figure 12: Armenian Non-Life Insurance – Combined Ratio (%), 2009–2013
Figure 13: Armenian Non-Life Insurance – Combined Ratio (%), 2013–2018
Figure 14: Armenian Non-Life Insurance – Total Assets (AMD Billion), 2009–2013
Figure 15: Armenian Non-Life Insurance – Total Assets (AMD Billion), 2013–2018
Figure 16: Armenian Non-Life Insurance – Retentions (AMD Billion), 2009–2013
Figure 17: Armenian Non-Life Insurance – Retentions (US$ Billion), 2013–2018
Figure 18: Armenian Non-Life Insurance – Investment (AMD Billion), 2009–2013
Figure 19: Armenian Non-Life Insurance Penetration (%), 2009–2013
Figure 20: Armenian Non-Life Insurance – Premium Per Capita (AMD), 2009–2013
Figure 21: Armenian Property Insurance – Written Premium (AMD Billion), 2009–2013
Figure 22: Armenian Property Insurance – Written Premium (AMD Billion), 2013–2018
Figure 23: Armenian Motor Insurance – Written Premium (AMD Billion), 2009–2013
Figure 24: Armenian Motor Insurance – Written Premium (AMD Billion), 2013–2018
Figure 25: Armenian Liability Insurance – Written Premium (AMD Billion), 2009–2013
Figure 26: Armenian Liability Insurance – Written Premium (AMD Billion), 2013–2018
Figure 27: Armenian Marine, Aviation and Transit Insurance – Written Premium (AMD Billion), 2009–2013
Figure 28: Armenian Marine, Aviation and Transit Insurance – Written Premium (AMD Billion), 2013–2018
Figure 29: Armenian Personal Accident and Health Insurance – Written Premium by Category (AMD Billion), 2009–2018
Figure 30: Armenian Personal Accident and Health Insurance – Written Premium by Category (%), 2013 and 2018
Figure 31: Armenian Personal Accident and Health Insurance – Dynamics by Category, 2009–2018
Figure 32: Armenian Personal Accident and Health Insurance – Paid Claims by Category (AMD Billion), 2009–2013
Figure 33: Armenian Personal Accident and Health Insurance – Paid Claims (AMD Billion), 2013–2018
Figure 34: Armenian Personal Accident and Health Insurance – Incurred Loss (AMD Billion), 2009–2013
Figure 35: Armenian Personal Accident and Health Insurance – Incurred Loss (AMD Billion), 2013–2018
Figure 36: Armenian Personal Accident and Health Insurance – Loss Ratio (%), 2009–2013
Figure 37: Armenian Personal Accident and Health Insurance – Loss Ratio (%), 2013–2018
Figure 38: Armenian Personal Accident and Health Insurance – Combined Ratio (%), 2009–2013
Figure 39: Armenian Personal Accident and Health Insurance – Combined Ratio (%), 2013–2018
Figure 40: Armenian Personal Accident and Health Insurance – Total Assets (AMD Billion), 2009–2013
Figure 41: Armenian Personal Accident and Health Insurance – Total Assets (AMD Billion), 2013–2018
Figure 42: Armenian Personal Accident and Health Insurance – Retentions (AMD Billion), 2009–2013
Figure 43: Armenian Personal Accident and Health Insurance – Retentions (AMD Billion), 2013–2018
Figure 44: Armenian Personal Accident and Health Insurance – Investment (AMD Billion), 2009–2013
Figure 45: Armenian Personal Accident and Health Insurance Penetration (%), 2009–2013
Figure 46: Armenian Personal Accident and Health Insurance – Premium per Capita (AMD), 2009–2013
Figure 47: Armenian Personal Accident Insurance – Written Premium (AMD Billion), 2009–2013
Figure 48: Armenian Personal Accident Insurance – Written Premium (AMD Billion), 2013–2018
Figure 49: Armenian Health Insurance – Written Premium (AMD Billion), 2009–2013
Figure 50: Armenian Health Insurance – Written Premium (AMD Billion), 2013–2018
Figure 51: Armenian Reinsurance Ceded by Segment (AMD Billion), 2009–2018
Figure 52: Armenian Reinsurance – Dynamics by Insurance Segment, 2009–2018
Figure 53: Armenian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2009–2013
Figure 54: Armenian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2013–2018
Figure 55: Armenian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2009–2013
Figure 56: Armenian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2013–2018
Figure 57: Armenia – Insurance Regulatory Framework
Figure 58: Armenia – Insurance Supervision and Control at Various Levels
Figure 59: Armenia – Insurance Regulatory Frameworks for Company Registration and Operation
Figure 60: Armenian Insurance – Industry Shares (%), 2011
Figure 61: Armenian GDP at Constant Prices (US$ Billion), 2009–2012
Figure 62: Armenian GDP Per Capita at Constant Prices (US$), 2009–2012
Figure 63: Armenian GDP at Current Prices (US$ Billion), 2009–2013
Figure 64: Armenian GDP Per Capita at Current Prices (US$), 2009–2013
Figure 65: Armenian Inflation Rate (%), 2009–2013
Figure 66: Armenian Exports as a Percentage of GDP (%), 2008–2012
Figure 67: Armenian Imports as a Percentage of GDP (%), 2008–2012
Figure 68: Armenian Annual Average Exchange Rate US$–EUR, 2009–2013
Figure 69: Armenian Internet Subscriptions (Millions), 2008–2012
Figure 70: Size of the Armenian Labor Force (Million), 2008–2012
Figure 71: Armenian Unemployment Rate (%), 2008–2012
Figure 72: Armenian Total Population (Million), 2009–2013
Figure 73: Armenian Urban and Rural Populations (%), 2009–2013
Figure 74: Armenian Population Distribution by Age (%), 2009–2013

Rosgosstrakh Armenia
Ingo Armenia
Nairi Insurance
Reso Insurance
Garant-Limence Armenia
Armenia Insurance
SIL Insurance

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