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The Insurance Industry in Armenia: Key Trends and Opportunities to 2022

The Insurance Industry in Armenia: Key Trends and Opportunities to 2022

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.


1 KEY FACTS AND HIGHLIGHTS
2 EXECUTIVE SUMMARY
3 ECONOMY AND DEMOGRAPHICS
4 INDUSTRY OUTLOOK
4.1 Industry Indicators
4.1.1 Gross written premium
4.1.2 Insurance density
4.1.3 Active policies
4.1.4 Paid claims
4.1.5 Penetration
4.2 Property Insurance
4.2.1 Gross written premium
4.2.2 Active policies
4.2.3 Penetration
4.2.4 Claims
4.3 Motor Insurance
4.3.1 Gross written premium
4.3.2 Active policies
4.3.3 Penetration
4.3.4 Claims
4.4 Liability Insurance
4.4.1 Gross written premium
4.4.2 Active policies
4.4.3 Penetration
4.4.4 Claims
4.5 Financial Lines Insurance
4.5.1 Gross written premium
4.5.2 Active policies
4.5.3 Penetration
4.5.4 Claims
4.6 Marine, Aviation and Transit Insurance
4.6.1 Gross written premium
4.6.2 Active policies
4.6.3 Penetration
4.6.4 Claims
4.7 Personal Accident and Health Insurance
4.7.1 Gross written premium
4.7.2 Active policies
4.7.3 Penetration
4.7.4 Claims
5 REINSURANCE OUTLOOK
5.1 Premium Ceded
6 DISTRIBUTION CHANNEL OUTLOOK
7 NATURAL AND MAN-MADE HAZARDS
7.1 Storms
7.2 Extreme temperature
7.3 Exposure
8 COMPETITIVE LANDSCAPE
8.1 Company Profiles
8.1.1 Ingo Armenia Insurance CJSC - company overview
8.1.2 Rosgosstrakh Armenia Insurance CJSC - company overview
8.1.3 Nairi Insurance LLC - company overview
8.1.4 Reso Insurance CJSC - company overview
8.1.5 Armenia Insurance Ltd - company overview
9 GOVERNANCE, RISK AND COMPLIANCE
9.1 Legislation Overview and Historical Evolution
9.2 Latest Changes in Regulation
9.3 Legislation and Market Practice by Type of Insurance
9.3.1 Life insurance
9.3.2 Property insurance
9.3.3 Motor insurance
9.3.4 Liability insurance
9.3.5 Marine, aviation and transit insurance
9.3.6 Personal accident and health insurance
9.4 Compulsory Insurance
9.4.1 Motor third party liability insurance
9.4.2 Aviation liability insurance
9.5 Supervision and Control
9.5.1 International Association of Insurance Supervisors (IAIS)
9.5.2 Central Bank of Armenia (CBA)
9.5.3 Association of the Participants of the Insurance Market
9.6 Non-Admitted Insurance Regulation
9.6.1 Overview
9.6.2 Intermediaries
9.6.3 Market practices
9.6.4 Fines and Penalties
9.7 Company Registration and Operations
9.7.1 Type of insurance organization
9.7.2 Establishing a local company
9.7.3 Foreign ownership
9.7.4 Types of license
9.7.5 Capital requirements
9.7.6 Solvency margin
9.7.7 Reserve requirements
9.7.8 Investment regulations
9.7.9 Statutory return requirements
9.7.10 Fee structure
9.8 Taxation
9.8.1 Insurance premium or policy taxation
9.8.2 Withholding taxes on premium paid overseas
9.8.3 Corporate tax
9.8.4 VAT
9.8.5 Captives
9.9 Legal System
9.9.1 Introduction
9.9.2 Access to court
9.9.3 Alternative dispute resolution (ADR)
10 DATABOOK
10.1 General Insurance
10.1.1 Policies and premium
10.1.2 Claims and expenses
10.1.3 Property insurance
10.1.4 Property insurance by category
10.1.5 Motor insurance
10.1.6 Motor insurance by category
10.1.7 Liability insurance
10.1.8 Financial lines insurance
10.1.9 Marine, aviation and transit insurance
10.1.10 Marine, aviation and transit Insurance by category
10.1.11 Personal accident and health insurance
10.1.12 Personal accident and health insurance by category
11 DEFINITIONS AND METHODOLOGY
11.1 Definitions
11.2 Methodology
12 ABOUT GLOBALDATA
12.1 Contact GlobalData
12.2 About GlobalData
12.3 GlobalData’s Services
12.4 Disclaimer
List of Tables
Table 1: Armenian Insurance Industry - Key Facts, 2017
Table 2: Armenian Insurance Industry - Industry Shares of the Top Insurers, 2017
Table 3: Armenian Government Credit Ratings
Table 4: Armenian Insurance Industry - Gross Written Premium (AMD Billion and US$ Million), 2013-2017
Table 5: Armenian Insurance Industry - Gross Written Premium (AMD Billion and US$ Million), 2017-2022
Table 6: Armenian Insurance Industry - Density (AMD), 2013-2017
Table 7: Armenian Insurance Industry - Density (AMD), 2017-2022
Table 8: Armenian Insurance Industry - Number of Active Policies (Thousand), 2013-2017
Table 9: Armenian Insurance Industry - Number of Active Policies (Thousand), 2017-2022
Table 10: Armenian Insurance Industry - Paid Claims (AMD Billion and US$ Million), 2013-2017
Table 11: Armenian Insurance Industry - Paid Claims (AMD Billion and US$ Million), 2017-2022
Table 12: Armenian Property Insurance - Gross Written Premium (AMD Billion and US$ Million), 2013-2017
Table 13: Armenian Property Insurance - Gross Written Premium (AMD Billion and US$ Million), 2017-2022
Table 14: Armenian Property Insurance - Number of Active Policies (Thousand), 2013-2017
Table 15: Armenian Property Insurance - Number of Active Policies (Thousand), 2017-2022
Table 16: Armenian Property Insurance - Paid Claims (AMD Million and US$),2013-2017
Table 17: Armenian Property Insurance - Paid Claims (AMD Million and US$), 2017-2022
Table 18: Armenian Motor Insurance - Gross Written Premium (AMD Billion and US$ Million), 2013-2017
Table 19: Armenian Motor Insurance - Gross Written Premium (AMD Billion and US$ Million), 2017-2022
Table 20: Armenian Motor Insurance - Number of Active Policies (Thousand), 2013-2017
Table 21: Armenian Motor Insurance - Number of Active Policies (Thousand), 2017-2022
Table 22: Armenian Motor Insurance - Paid Claims (AMD Billion and US$ Million),2013-2017
Table 23: Armenian Motor Insurance - Paid Claims (AMD Billion and US$ Million), 2017-2022
Table 24: Armenian Liability Insurance - Gross Written Premium (AMD Million and US$ Million), 2013-2017
Table 25: Armenian Liability Insurance - Gross Written Premium (AMD Million and US$ Million), 2017-2022
Table 26: Armenian Liability Insurance - Number of Active Policies (Thousand), 2013-2017
Table 27: Armenian Liability Insurance - Number of Active Policies (Thousand), 2017-2022
Table 28: Armenian Liability Insurance - Paid Claims (AMD Million and US$),2013-2017
Table 29: Armenian Liability Insurance - Paid Claims (AMD Million and US$), 2017-2022
Table 30: Armenian Financial Lines Insurance - Gross Written Premium (AMD Million and US$ Million), 2013-2017
Table 31: Armenian Financial Lines Insurance - Gross Written Premium (AMD Million and US$ Million), 2017-2022
Table 32: Armenian Financial Lines Insurance - Number of Active Policies, 2013-2017
Table 33: Armenian Financial Lines Insurance - Number of Active Policies, 2017-2022
Table 34: Armenian Financial Lines Insurance - Paid Claims (AMD Million and US$),2013-2017
Table 35: Armenian Financial Lines Insurance - Paid Claims (AMD Million and US$), 2017-2022
Table 36: Armenian Marine, Aviation and Transit Insurance - Gross Written Premium (AMD Billion and US$ Million), 2013-2017
Table 37: Armenian Marine, Aviation and Transit Insurance - Gross Written Premium (AMD Billion and US$ Million), 2017-2022
Table 38: Armenian Marine, Aviation and Transit Insurance - Number of Active Policies (Thousand), 2013-2017
Table 39: Armenian Marine, Aviation and Transit Insurance - Number of Active Policies (Thousand), 2017-2022
Table 40: Armenian Marine, Aviation and Transit Insurance - Paid Claims (AMD Million and US$),2013-2017
Table 41: Armenian Marine, Aviation and Transit Insurance - Paid Claims (AMD Million and US$), 2017-2022
Table 42: Armenian Personal Accident and Health Insurance - Gross Written Premium (AMD Billion and US$ Million), 2013-2017
Table 43: Armenian Personal Accident and Health Insurance - Gross Written Premium (AMD Billion and US$ Million), 2017-2022
Table 44: Armenian Personal Accident and Health Insurance - Number of Active Policies (Thousand), 2013-2017
Table 45: Armenian Personal Accident and Health Insurance - Number of Active Policies (Thousand), 2017-2022
Table 46: Armenian Personal Accident and Health Insurance - Paid Claims (AMD Billion and US$ Million),2013-2017
Table 47: Armenian Personal Accident and Health Insurance - Paid Claims (AMD Billion and US$ Million), 2017-2022
Table 48: Armenian Reinsurance - Premium Ceded by Insurance Segment (AMD Billion), 2013-2017
Table 49: Armenian Reinsurance - Premium Ceded by Insurance Segment (AMD Billion), 2017-2022
Table 50: Armenian Insurance Industry - Leading Insurers,2017
Table 51: Ingo Armenia Insurance CJSC - Key Facts
Table 52: Rosgosstrakh Armenia Insurance CJSC - Key Facts
Table 53: Nairi Insurance LLC - Key Facts
Table 54: Reso Insurance CJSC - Key Facts
Table 55: Armenia Insurance Ltd - Key Facts
Table 56: Armenia - Insurance Regulatory Framework Key Features
Table 57: Armenia - Life Insurance Regulatory Framework
Table 58: Armenia - Property Insurance Regulatory Framework
Table 59: Armenia - Motor Insurance Regulatory Framework
Table 60: Armenia - Liability Insurance Regulatory Framework
Table 61: Armenia - Rating Agencies and Minimum Required Ratings
Table 62: Armenia - Corporate Tax Rates for the Financial Year 2017
Table 63: Armenian General Insurance - Policies and Premium, 2013-2017
Table 64: Armenian General Insurance - Policies and Premium, 2017-2022
Table 65: Armenian General Insurance - Claims and Expenses, 2013-2017
Table 66: Armenian General Insurance - Claims and Expenses, 2017-2022
Table 67: Armenian General Insurance - Property Insurance, 2013-2017
Table 68: Armenian General Insurance - Property Insurance, 2017-2022
Table 69: Armenian General Insurance - Property Insurance by Category, 2013-2017
Table 70: Armenian General Insurance - Property Insurance by Category, 2017-2022
Table 71: Armenian General Insurance - Motor Insurance, 2013-2017
Table 72: Armenian General Insurance - Motor Insurance, 2017-2022
Table 73: Armenian General Insurance - Motor Insurance by Category, 2013-2017
Table 74: Armenian General Insurance - Motor Insurance by Category, 2017-2022
Table 75: Armenian General Insurance - Liability Insurance, 2013-2017
Table 76: Armenian General Insurance - Liability Insurance, 2017-2022
Table 77: Armenian General Insurance - Financial Lines Insurance, 2013-2017
Table 78: Armenian General Insurance - Financial Lines Insurance, 2017-2022
Table 79: Armenian General Insurance - Marine, Aviation and Transit Insurance, 2013-2017
Table 80: Armenian General Insurance - Marine, Aviation and Transit Insurance, 2017-2022
Table 81: Armenian General Insurance - Marine Aviation and Transit Insurance by Category, 2013-2017
Table 82: Armenian General Insurance - Marine Aviation and Transit Insurance by Category, 2017-2022
Table 83: Armenian General Insurance - Personal Accident and Health Insurance, 2013-2017
Table 84: Armenian General Insurance - Personal Accident and Health Insurance, 2017-2022
Table 85: Armenian General Insurance - Personal Accident and Health Insurance by Category, 2013-2017
Table 86: Armenian General Insurance - Personal Accident and Health Insurance by Category, 2017-2022
Table 87: Insurance Industry Definitions
List of Figures
Figure 1: Armenian Real GDP (AMD Trillion), 2013-2022
Figure 2: Armenian Exchange Rate (AMD per US$), 2013-2022
Figure 3: Armenian Consumer Price Inflation (%), 2013-2022
Figure 4: Armenian Current Account Balance as Percentage of GDP (%), 2013-2022
Figure 5: Armenian Unemployment Rate, 2013-2022
Figure 6: Armenian Population by Age Group, 2013-2022
Figure 7: Armenian Insurance Industry - Gross Written Premium (AMD Billion), 2013-2022
Figure 8: Armenian Insurance Industry - Density (AMD), 2013-2022
Figure 9: Armenian Insurance Industry - Number of Active Policies (Thousand), 2013-2022
Figure 10: Armenian Insurance Industry - Paid Claims (AMD Billion), 2013-2022
Figure 11: Armenian General Insurance - Penetration (%), 2013-2017
Figure 12: Armenian General Insurance - Penetration (%), 2017-2022
Figure 13: Armenian Property Insurance - Gross Written Premium (AMD Billion), 2013-2022
Figure 14: Armenian Property Insurance - Number of Active Policies (Thousand), 2013-2022
Figure 15: Armenian Property Insurance - Penetration (%), 2013-2017
Figure 16: Armenian Property Insurance - Penetration (%), 2017-2022
Figure 17: Armenian Property Insurance - Paid Claims (AMD Million), 2013-2022
Figure 18: Armenian Motor Insurance - Gross Written Premium (AMD Billion), 2013-2022
Figure 19: Armenian Motor Insurance - Number of Active Policies (Thousand), 2013-2022
Figure 20: Armenian Motor Insurance - Penetration (%), 2013-2017
Figure 21: Armenian Motor Insurance - Penetration (%), 2017-2022
Figure 22: Armenian Motor Insurance - Paid Claims (AMD Billion), 2013-2022
Figure 23: Armenian Liability Insurance - Gross Written Premium (AMD Million), 2013-2022
Figure 24: Armenian Liability Insurance - Number of Active Policies (Thousand), 2013-2022
Figure 25: Armenian Liability Insurance - Penetration (%), 2013-2017
Figure 26: Armenian Liability Insurance - Penetration (%), 2017-2022
Figure 27: Armenian Liability Insurance - Paid Claims (AMD Million), 2013-2022
Figure 28: Armenian Financial Lines Insurance - Gross Written Premium (AMD Million), 2013-2022
Figure 29: Armenian Financial Lines Insurance - Number of Active Policies, 2013-2022
Figure 30: Armenian Financial Lines Insurance - Penetration (%), 2013-2017
Figure 31: Armenian Financial Lines Insurance - Penetration (%), 2017-2022
Figure 32: Armenian Financial Lines Insurance - Paid Claims (AMD Million), 2013-2022
Figure 33: Armenian Marine, Aviation and Transit Insurance - Gross Written Premium (AMD Billion), 2013-2022
Figure 34: Armenian Marine, Aviation and Transit Insurance - Number of Active Policies (Thousand), 2013-2022
Figure 35: Armenian Marine, Aviation and Transit Insurance - Penetration (%), 2013-2017
Figure 36: Armenian Marine, Aviation and Transit Insurance - Penetration (%), 2017-2022
Figure 37: Armenian Marine, Aviation and Transit Insurance - Paid Claims (AMD Million), 2013-2022
Figure 38: Armenian Personal Accident and Health Insurance - Gross Written Premium (AMD Billion), 2013-2022
Figure 39: Armenian Personal Accident and Health Insurance - Number of Active Policies (Thousand), 2013-2022
Figure 40: Armenian Personal Accident and Health Insurance - Penetration (%), 2013-2017
Figure 41: Armenian Personal Accident and Health Insurance - Penetration (%), 2017-2022
Figure 42: Armenian Personal Accident and Health Insurance - Paid Claims (AMD Billion), 2013-2022
Figure 43: Armenian Reinsurance - Premium Ceded by Insurance Segment (AMD Billion), 2013-2022
Figure 44: Armenian General Insurance - Percentage of Reinsurance Ceded (%), 2013-2022
Figure 45: Armenia - Insurance Supervision and Control at Various Levels
Figure 46: Armenia - Insurance Regulatory Frameworks for Company Registration and Operation

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