The Insurance Industry in Armenia: Key Trends and Opportunities to 2022
October 2018
112
About the Report
About the Report
The Insurance Industry in Armenia: Key Trends and Opportunities to 2022
Summary
GlobalData's "The Insurance Industry in Armenia: Key Trends and Opportunities to 2022", report provides detailed analysis of the market trends, drivers and challenges in the Armenian insurance industry.
It provides key performance indicators such as written premium and claims during the review period (2013-2017) and forecast period (2017-2022).
The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Armenian economy and demographics, and provides detailed information on the competitive landscape in the country.
The report brings together GlobalData's research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.
Inside this report, we look at the top themes, its predictions and identify winners and losers.
This report provides in-depth market analysis, information and insights into the Armenian insurance industry, including-
- The Armenian insurance industry's growth prospects by segment and category
- A comprehensive overview of the Armenian economy and demographics
- Details of the competitive landscape in the Armenian insurance industry
- The various distribution channels in the Armenian insurance industry
- Details of regulatory policy applicable to the Armenian insurance industry
- Analysis of natural hazards in the Armenian insurance industry
Key Highlights
- In March 2017, a pilot program for cattle insurance was launched, in which 32 farmers participated and four payouts were made.
- In February 2017, Iran and the CBA signed a memorandum of understanding (MoU) agreement to extend cooperation between the insurance and reinsurance industries.
- As of 2017, there were three insurance brokers registered to operate in the country.
- As of 2017, there were seven general insurance companies registered to operate in Armenia.
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 2013-2017 review period, and projected figures for the 2017-2022 forecast period.
- It offers a detailed analysis of the key segments in the Armenian insurance industry, with market forecasts to 2022.
- It covers an exhaustive list of parameters, including written premium and claims.
- It analyzes the various distribution channels in Armenia.
- It profiles the top insurance companies in Armenia, and outlines the key regulations affecting them.
Reasons to buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Armenian insurance industry and each segment and category within it.
- Understand the demand-side dynamics, key market trends and growth opportunities in the Armenian insurance industry.
- Assess the competitive dynamics in the Armenian insurance industry.
- Identify the growth opportunities and market dynamics in key segments.
- Gain insights into key regulations governing the Armenian insurance industry and their impact on companies and the industry's future.
Products
Products
Armenian insurance industry, Life insurance, General insurance, Property insurance, Motor insurance, Liability insurance, Marine insurance, Personal accident and health insurance, Travel insurance, Health insurance, Reinsurance
Companies
Rosgosstrakh Armenia Insurance CJSC
Ingo Armenia Insurance CJSC
Nairi Insurance LLC
Reso Insurance CJSC
Armenia Insurance Ltd
Sil Insurance CJSC
Yerkir Insurance
Table of Contents
Table of Contents
Table of Contents
1 KEY FACTS AND HIGHLIGHTS 2
2 EXECUTIVE SUMMARY 3
3 ECONOMY AND DEMOGRAPHICS 11
4 INDUSTRY OUTLOOK 19
4.1 Industry Indicators 21
4.1.1 Gross written premium 21
4.1.2 Insurance density 23
4.1.3 Active policies 24
4.1.4 Paid claims 25
4.1.5 Penetration 26
4.2 Property Insurance 27
4.2.1 Gross written premium 27
4.2.2 Active policies 29
4.2.3 Penetration 30
4.2.4 Claims 31
4.3 Motor Insurance 32
4.3.1 Gross written premium 32
4.3.2 Active policies 34
4.3.3 Penetration 35
4.3.4 Claims 36
4.4 Liability Insurance 37
4.4.1 Gross written premium 37
4.4.2 Active policies 39
4.4.3 Penetration 40
4.4.4 Claims 41
4.5 Financial Lines Insurance 42
4.5.1 Gross written premium 42
4.5.2 Active policies 44
4.5.3 Penetration 45
4.5.4 Claims 46
4.6 Marine, Aviation and Transit Insurance 47
4.6.1 Gross written premium 47
4.6.2 Active policies 49
4.6.3 Penetration 50
4.6.4 Claims 51
4.7 Personal Accident and Health Insurance 52
4.7.1 Gross written premium 52
4.7.2 Active policies 54
4.7.3 Penetration 55
4.7.4 Claims 56
5 REINSURANCE OUTLOOK 57
5.1 Premium Ceded 58
6 DISTRIBUTION CHANNEL OUTLOOK 60
7 NATURAL AND MAN-MADE HAZARDS 61
7.1 Storms 61
7.2 Extreme temperature 61
7.3 Exposure 61
8 COMPETITIVE LANDSCAPE 62
8.1 Company Profiles 64
8.1.1 Ingo Armenia Insurance CJSC-company overview 64
8.1.2 Rosgosstrakh Armenia Insurance CJSC-company overview 64
8.1.3 Nairi Insurance LLC-company overview 65
8.1.4 Reso Insurance CJSC-company overview 65
8.1.5 Armenia Insurance Ltd-company overview 66
9 GOVERNANCE, RISK AND COMPLIANCE 67
9.1 Legislation Overview and Historical Evolution 68
9.2 Latest Changes in Regulation 69
9.3 Legislation and Market Practice by Type of Insurance 71
9.3.1 Life insurance 71
9.3.2 Property insurance 71
9.3.3 Motor insurance 75
9.3.4 Liability insurance 76
9.3.5 Marine, aviation and transit insurance 76
9.3.6 Personal accident and health insurance 77
9.4 Compulsory Insurance 78
9.4.1 Motor third party liability insurance 78
9.4.2 Aviation liability insurance 79
9.5 Supervision and Control 80
9.5.1 International Association of Insurance Supervisors (IAIS) 80
9.5.2 Central Bank of Armenia (CBA) 81
9.5.3 Association of the Participants of the Insurance Market 81
9.6 Non-Admitted Insurance Regulation 82
9.6.1 Overview 82
9.6.2 Intermediaries 82
9.6.3 Market practices 82
9.6.4 Fines and Penalties 82
9.7 Company Registration and Operations 83
9.7.1 Type of insurance organization 84
9.7.2 Establishing a local company 84
9.7.3 Foreign ownership 85
9.7.4 Types of license 87
9.7.5 Capital requirements 87
9.7.6 Solvency margin 87
9.7.7 Reserve requirements 88
9.7.8 Investment regulations 88
9.7.9 Statutory return requirements 89
9.7.10 Fee structure 89
9.8 Taxation 90
9.8.1 Insurance premium or policy taxation 90
9.8.2 Withholding taxes on premium paid overseas 90
9.8.3 Corporate tax 90
9.8.4 VAT 91
9.8.5 Captives 91
9.9 Legal System 92
9.9.1 Introduction 92
9.9.2 Access to court 92
9.9.3 Alternative dispute resolution (ADR) 93
10 DATABOOK 94
10.1 General Insurance 94
10.1.1 Policies and premium 94
10.1.2 Claims and expenses 95
10.1.3 Property insurance 96
10.1.4 Property insurance by category 97
10.1.5 Motor insurance 98
10.1.6 Motor insurance by category 99
10.1.7 Liability insurance 100
10.1.8 Financial lines insurance 101
10.1.9 Marine, aviation and transit insurance 102
10.1.10 Marine, aviation and transit Insurance by category 103
10.1.11 Personal accident and health insurance 104
10.1.12 Personal accident and health insurance by category 105
11 DEFINITIONS AND METHODOLOGY 106
11.1 Definitions 106
11.2 Methodology 108
12 ABOUT GLOBALDATA 110
12.1 Contact GlobalData 110
12.2 About GlobalData 110
12.3 GlobalData's Services 111
12.4 Disclaimer 112
List of Figure
List of Figures
Figure 1: Armenian Real GDP (AMD Trillion), 2013-2022 12
Figure 2: Armenian Exchange Rate (AMD per USD ), 2013-2022 14
Figure 3: Armenian Consumer Price Inflation (%), 2013-2022 15
Figure 4: Armenian Current Account Balance as Percentage of GDP (%), 2013-2022 16
Figure 5: Armenian Unemployment Rate, 2013-2022 17
Figure 6: Armenian Population by Age Group, 2013-2022 18
Figure 7: Armenian Insurance Industry-Gross Written Premium (AMD Billion), 2013-2022 22
Figure 8: Armenian Insurance Industry-Density (AMD), 2013-2022 23
Figure 9: Armenian Insurance Industry-Number of Active Policies (Thousand), 2013-2022 24
Figure 10: Armenian Insurance Industry-Paid Claims (AMD Billion), 2013-2022 25
Figure 11: Armenian General Insurance-Penetration (%), 2013-2017 26
Figure 12: Armenian General Insurance-Penetration (%), 2017-2022 26
Figure 13: Armenian Property Insurance-Gross Written Premium (AMD Billion), 2013-2022 28
Figure 14: Armenian Property Insurance-Number of Active Policies (Thousand), 2013-2022 29
Figure 15: Armenian Property Insurance-Penetration (%), 2013-2017 30
Figure 16: Armenian Property Insurance-Penetration (%), 2017-2022 30
Figure 17: Armenian Property Insurance-Paid Claims (AMD Million), 2013-2022 31
Figure 18: Armenian Motor Insurance-Gross Written Premium (AMD Billion), 2013-2022 33
Figure 19: Armenian Motor Insurance-Number of Active Policies (Thousand), 2013-2022 34
Figure 20: Armenian Motor Insurance-Penetration (%), 2013-2017 35
Figure 21: Armenian Motor Insurance-Penetration (%), 2017-2022 35
Figure 22: Armenian Motor Insurance-Paid Claims (AMD Billion), 2013-2022 36
Figure 23: Armenian Liability Insurance-Gross Written Premium (AMD Million), 2013-2022 38
Figure 24: Armenian Liability Insurance-Number of Active Policies (Thousand), 2013-2022 39
Figure 25: Armenian Liability Insurance-Penetration (%), 2013-2017 40
Figure 26: Armenian Liability Insurance-Penetration (%), 2017-2022 40
Figure 27: Armenian Liability Insurance-Paid Claims (AMD Million), 2013-2022 41
Figure 28: Armenian Financial Lines Insurance-Gross Written Premium (AMD Million), 2013-2022 43
Figure 29: Armenian Financial Lines Insurance-Number of Active Policies, 2013-2022 44
Figure 30: Armenian Financial Lines Insurance-Penetration (%), 2013-2017 45
Figure 31: Armenian Financial Lines Insurance-Penetration (%), 2017-2022 45
Figure 32: Armenian Financial Lines Insurance-Paid Claims (AMD Million), 2013-2022 46
Figure 33: Armenian Marine, Aviation and Transit Insurance-Gross Written Premium (AMD Billion), 2013-2022 48
Figure 34: Armenian Marine, Aviation and Transit Insurance-Number of Active Policies (Thousand), 2013-2022 49
Figure 35: Armenian Marine, Aviation and Transit Insurance-Penetration (%), 2013-2017 50
Figure 36: Armenian Marine, Aviation and Transit Insurance-Penetration (%), 2017-2022 50
Figure 37: Armenian Marine, Aviation and Transit Insurance-Paid Claims (AMD Million), 2013-2022 51
Figure 38: Armenian Personal Accident and Health Insurance-Gross Written Premium (AMD Billion), 2013-2022 53
Figure 39: Armenian Personal Accident and Health Insurance-Number of Active Policies (Thousand), 2013-2022 54
Figure 40: Armenian Personal Accident and Health Insurance-Penetration (%), 2013-2017 55
Figure 41: Armenian Personal Accident and Health Insurance-Penetration (%), 2017-2022 55
Figure 42: Armenian Personal Accident and Health Insurance-Paid Claims (AMD Billion), 2013-2022 56
Figure 43: Armenian Reinsurance-Premium Ceded by Insurance Segment (AMD Billion), 2013-2022 59
Figure 44: Armenian General Insurance-Percentage of Reinsurance Ceded (%), 2013-2022 59
Figure 45: Armenia-Insurance Supervision and Control at Various Levels 80
Figure 46: Armenia-Insurance Regulatory Frameworks for Company Registration and Operation 83
List of Table
List of Tables
Table 1: Armenian Insurance Industry-Key Facts, 2017 2
Table 2: Armenian Insurance Industry-Industry Shares of the Top Insurers, 2017 2
Table 3: Armenian Government Credit Ratings 13
Table 4: Armenian Insurance Industry-Gross Written Premium (AMD Billion and USD Million), 2013-2017 21
Table 5: Armenian Insurance Industry-Gross Written Premium (AMD Billion and USD Million), 2017-2022 21
Table 6: Armenian Insurance Industry-Density (AMD), 2013-2017 23
Table 7: Armenian Insurance Industry-Density (AMD), 2017-2022 23
Table 8: Armenian Insurance Industry-Number of Active Policies (Thousand), 2013-2017 24
Table 9: Armenian Insurance Industry-Number of Active Policies (Thousand), 2017-2022 24
Table 10: Armenian Insurance Industry-Paid Claims (AMD Billion and USD Million), 2013-2017 25
Table 11: Armenian Insurance Industry-Paid Claims (AMD Billion and USD Million), 2017-2022 25
Table 12: Armenian Property Insurance-Gross Written Premium (AMD Billion and USD Million), 2013-2017 27
Table 13: Armenian Property Insurance-Gross Written Premium (AMD Billion and USD Million), 2017-2022 27
Table 14: Armenian Property Insurance-Number of Active Policies (Thousand), 2013-2017 29
Table 15: Armenian Property Insurance-Number of Active Policies (Thousand), 2017-2022 29
Table 16: Armenian Property Insurance-Paid Claims (AMD Million and USD ),2013-2017 31
Table 17: Armenian Property Insurance-Paid Claims (AMD Million and USD ), 2017-2022 31
Table 18: Armenian Motor Insurance-Gross Written Premium (AMD Billion and USD Million), 2013-2017 32
Table 19: Armenian Motor Insurance-Gross Written Premium (AMD Billion and USD Million), 2017-2022 32
Table 20: Armenian Motor Insurance-Number of Active Policies (Thousand), 2013-2017 34
Table 21: Armenian Motor Insurance-Number of Active Policies (Thousand), 2017-2022 34
Table 22: Armenian Motor Insurance-Paid Claims (AMD Billion and USD Million),2013-2017 36
Table 23: Armenian Motor Insurance-Paid Claims (AMD Billion and USD Million), 2017-2022 36
Table 24: Armenian Liability Insurance-Gross Written Premium (AMD Million and USD Million), 2013-2017 37
Table 25: Armenian Liability Insurance-Gross Written Premium (AMD Million and USD Million), 2017-2022 37
Table 26: Armenian Liability Insurance-Number of Active Policies (Thousand), 2013-2017 39
Table 27: Armenian Liability Insurance-Number of Active Policies (Thousand), 2017-2022 39
Table 28: Armenian Liability Insurance-Paid Claims (AMD Million and USD ),2013-2017 41
Table 29: Armenian Liability Insurance-Paid Claims (AMD Million and USD ), 2017-2022 41
Table 30: Armenian Financial Lines Insurance-Gross Written Premium (AMD Million and USD Million), 2013-2017 42
Table 31: Armenian Financial Lines Insurance-Gross Written Premium (AMD Million and USD Million), 2017-2022 42
Table 32: Armenian Financial Lines Insurance-Number of Active Policies, 2013-2017 44
Table 33: Armenian Financial Lines Insurance-Number of Active Policies, 2017-2022 44
Table 34: Armenian Financial Lines Insurance-Paid Claims (AMD Million and USD ),2013-2017 46
Table 35: Armenian Financial Lines Insurance-Paid Claims (AMD Million and USD ), 2017-2022 46
Table 36: Armenian Marine, Aviation and Transit Insurance-Gross Written Premium (AMD Billion and USD Million), 2013-2017 47
Table 37: Armenian Marine, Aviation and Transit Insurance-Gross Written Premium (AMD Billion and USD Million), 2017-2022 47
Table 38: Armenian Marine, Aviation and Transit Insurance-Number of Active Policies (Thousand), 2013-2017 49
Table 39: Armenian Marine, Aviation and Transit Insurance-Number of Active Policies (Thousand), 2017-2022 49
Table 40: Armenian Marine, Aviation and Transit Insurance-Paid Claims (AMD Million and USD ),2013-2017 51
Table 41: Armenian Marine, Aviation and Transit Insurance-Paid Claims (AMD Million and USD ), 2017-2022 51
Table 42: Armenian Personal Accident and Health Insurance-Gross Written Premium (AMD Billion and USD Million), 2013-2017 52
Table 43: Armenian Personal Accident and Health Insurance-Gross Written Premium (AMD Billion and USD Million), 2017-2022 52
Table 44: Armenian Personal Accident and Health Insurance-Number of Active Policies (Thousand), 2013-2017 54
Table 45: Armenian Personal Accident and Health Insurance-Number of Active Policies (Thousand), 2017-2022 54
Table 46: Armenian Personal Accident and Health Insurance-Paid Claims (AMD Billion and USD Million),2013-2017 56
Table 47: Armenian Personal Accident and Health Insurance-Paid Claims (AMD Billion and USD Million), 2017-2022 56
Table 48: Armenian Reinsurance-Premium Ceded by Insurance Segment (AMD Billion), 2013-2017 58
Table 49: Armenian Reinsurance-Premium Ceded by Insurance Segment (AMD Billion), 2017-2022 58
Table 50: Armenian Insurance Industry-Leading Insurers,2017 63
Table 51: Ingo Armenia Insurance CJSC-Key Facts 64
Table 52: Rosgosstrakh Armenia Insurance CJSC-Key Facts 64
Table 53: Nairi Insurance LLC-Key Facts 65
Table 54: Reso Insurance CJSC-Key Facts 65
Table 55: Armenia Insurance Ltd-Key Facts 66
Table 56: Armenia-Insurance Regulatory Framework Key Features 67
Table 57: Armenia-Life Insurance Regulatory Framework 71
Table 58: Armenia-Property Insurance Regulatory Framework 72
Table 59: Armenia-Motor Insurance Regulatory Framework 75
Table 60: Armenia-Liability Insurance Regulatory Framework 76
Table 61: Armenia-Rating Agencies and Minimum Required Ratings 86
Table 62: Armenia-Corporate Tax Rates for the Financial Year 2017 91
Table 63: Armenian General Insurance-Policies and Premium, 2013-2017 94
Table 64: Armenian General Insurance-Policies and Premium, 2017-2022 94
Table 65: Armenian General Insurance-Claims and Expenses, 2013-2017 95
Table 66: Armenian General Insurance-Claims and Expenses, 2017-2022 95
Table 67: Armenian General Insurance-Property Insurance, 2013-2017 96
Table 68: Armenian General Insurance-Property Insurance, 2017-2022 96
Table 69: Armenian General Insurance-Property Insurance by Category, 2013-2017 97
Table 70: Armenian General Insurance-Property Insurance by Category, 2017-2022 97
Table 71: Armenian General Insurance-Motor Insurance, 2013-2017 98
Table 72: Armenian General Insurance-Motor Insurance, 2017-2022 98
Table 73: Armenian General Insurance-Motor Insurance by Category, 2013-2017 99
Table 74: Armenian General Insurance-Motor Insurance by Category, 2017-2022 99
Table 75: Armenian General Insurance-Liability Insurance, 2013-2017 100
Table 76: Armenian General Insurance-Liability Insurance, 2017-2022 100
Table 77: Armenian General Insurance-Financial Lines Insurance, 2013-2017 101
Table 78: Armenian General Insurance-Financial Lines Insurance, 2017-2022 101
Table 79: Armenian General Insurance-Marine, Aviation and Transit Insurance, 2013-2017 102
Table 80: Armenian General Insurance-Marine, Aviation and Transit Insurance, 2017-2022 102
Table 81: Armenian General Insurance-Marine Aviation and Transit Insurance by Category, 2013-2017 103
Table 82: Armenian General Insurance-Marine Aviation and Transit Insurance by Category, 2017-2022 103
Table 83: Armenian General Insurance-Personal Accident and Health Insurance, 2013-2017 104
Table 84: Armenian General Insurance-Personal Accident and Health Insurance, 2017-2022 104
Table 85: Armenian General Insurance-Personal Accident and Health Insurance by Category, 2013-2017 105
Table 86: Armenian General Insurance-Personal Accident and Health Insurance by Category, 2017-2022 105
Table 87: Insurance Industry Definitions 106
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