The Insurance Industry in Armenia

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

Published on 28TH MAR. 2014

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

Scope
This report provides a comprehensive analysis of the insurance industry in Armenia:
It provides historical values for the Armenian insurance industry for the reports 20082012 review period and projected figures for the 20122017 forecast period.
It offers a detailed analysis of the key segments and categories in the Armenian insurance industry, along with forecasts until 2017.
It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
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 industry data related to the Armenian insurance industry and each segment within it.
Understand the demand-side dynamics, key trends and growth opportunities within the Armenian insurance industry.
Assess the competitive dynamics in the Armenian insurance industry.
Identify the growth opportunities and market dynamics within key segments.
Gain insights into key regulations governing the Armenian insurance industry and its impact on companies and the industry's future.

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%

Table of Content 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 EURUS$ 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 Timetrics Services 8.5 Disclaimer

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