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The Insurance Industry in Armenia, Key Trends and Opportunities to 2019

The Insurance Industry in Armenia, Key Trends and Opportunities to 2019

Synopsis

Timetric’s 'The Insurance Industry in Armenia, Key Trends and Opportunities to 2019' 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, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2010–2014) and forecast period (2014–2019).

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 Timetric’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.

Summary

Timetric’s 'The Insurance Industry in Armenia, Key Trends and Opportunities to 2019' 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
  • The detailed 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 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 2010–2014 review period, and projected figures for the 2014–2019 forecast period.
  • It offers a detailed analysis of the key segments in the Armenian insurance industry, with market forecasts to 2019.
  • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions.
  • 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 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.
Key Highlights
  • Despite economic challenges, limited product variety and an absence of life insurance, the industry posted a review-period CAGR of 40.0%.
  • In December 2015, the Armenian Motor Insurers’ Bureau formally applied to join the Green Card International Motor Insurance System. Over the forecast period, the system is expected to benefit motorists by proving insurance cover for the victims of road traffic accidents outside Armenia.
  • In 2014, a government decision to take part of mandatory health insurance premiums paid by state employees affected private health insurers, which had already established health infrastructure such as clinics and medical centers in the country.
  • Changes in the regulatory framework, such as implementation of compulsory third-party motor insurance in 2010, export credit insurance in 2013, a bonus-malus system for motor insurance from 2013, and compulsory pension insurance in 2014 led to the structural changes and resulted in mergers and acquisitions during the review period.
  • Growth in the country’s economy, healthcare reforms and aligning compulsory insurance classes with Eurasian Economic Union members will drive the industry over the forecast period.
  • The prominent expansion strategies adopted by Armenian insurers are extending to other less penetrated African countries such as Cameroon, Western Sahara and Algeria, among others, by either acquiring local businesses or setting up own branches and distribution channels.


  • Key Facts and Highlights
    • Table Armenian Insurance Industry - Key Facts
  • Executive Summary
  • Economy and Demographics
  • Armenian Insurance Industry Overview
    • Armenian Insurance Industry
      • Table Armenian Insurance - Gross Written Premium by Segment (AMD Billion), 2010-2014
      • Table Armenian Insurance - Gross Written Premium by Segment (US$ Million), 2010-2014
      • Table Armenian Insurance - Gross Written Premium by Segment (AMD Billion), 2014-2019
      • Table Armenian Insurance - Gross Written Premium by Segment (US$ Million), 2014-2019
      • Table Armenian Insurance - Segmentation by Gross Written Premium (% Share), 2010-2019
      • Table Armenian Insurance - Direct Written Premium by Segment (AMD Billion), 2010-2014
      • Table Armenian Insurance Direct Written Premium by Segment (US$ Million), 2010-2014
      • Table Armenian Insurance - Direct Written Premium by Segment (AMD Billion), 2014-2019
      • Table Armenian Insurance - Direct Written Premium by Segment (US$ Million), 2014-2019
      • Table Armenian Insurance - Segmentation by Direct Written Premium (%), 2010-2019
  • Non-Life Insurance
    • Table Armenian Non-Life Insurance - Gross Written Premium by Category (AMD Billion), 2010-2014
    • Table Armenian Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2010-2014
    • Table Armenian Non-Life Insurance - Gross Written Premium by Category (AMD Billion), 2014-2019
    • Table Armenian Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2014-2019
    • Table Armenian Non-Life Insurance - Direct Written Premium by Category (AMD Billion), 2010-2014
    • Table Armenian Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2010-2014
    • Table Armenian Non-Life Insurance - Direct Written Premium by Category (AMD Billion), 2014-2019
    • Table Armenian Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2014-2019
    • Table Armenian Non-Life Insurance - Paid Claims (AMD Billion), 2010-2014
    • Table Armenian Non-Life Insurance - Paid Claims (AMD Billion), 2014-2019
    • Table Armenian Non-Life Insurance - Incurred Loss (AMD Billion), 2010-2014
    • Table Armenian Non-Life Insurance - Incurred Loss (AMD Billion), 2014-2019
    • Table Armenian Non-Life Insurance - Loss Ratio (%), 2010-2014
    • Table Armenian Non-Life Insurance - Loss Ratio (%), 2014-2019
    • Table Armenian Non-Life Insurance - Combined Ratio (%), 2010-2014
    • Table Armenian Non-Life Insurance - Combined Ratio (%), 2014-2019
    • Table Armenian Non-Life Insurance - Total Assets (AMD Billion), 2010-2014
    • Table Armenian Non-Life Insurance - Total Assets (AMD Billion), 2014-2019
    • Table Armenian Non-Life Insurance - Total Investment Income (AMD Billion), 2010-2014
    • Table Armenian Non-Life Insurance - Total Investment Income (AMD Billion), 2014-2019
    • Table Armenian Non-Life Insurance - Net Written Premiums (AMD Billion), 2010-2014
    • Table Armenian Non-Life Insurance - Net Written Premiums (AMD Billion), 2014-2019
    • Property Insurance
      • Table Armenian Property Insurance - Gross Written Premium (AMD Billion), 2010-2014
      • Table Armenian Property Insurance - Gross Written Premium (AMD Billion), 2014-2019
    • Motor Insurance
      • Table Armenian Motor Insurance - Gross Written Premium (AMD Billion), 2010-2014
      • Table Armenian Motor Insurance - Gross Written Premium (AMD Billion), 2014-2019
    • Liability Insurance
      • Table Armenian Liability Insurance - Gross Written Premium (AMD Million), 2010-2014
      • Table Armenian Liability Insurance - Gross Written Premium (AMD Million), 2014-2019
    • Marine, Aviation and Transit Insurance
      • Table Armenian Marine, Aviation and Transit Insurance - Gross Written Premium (AMD Billion), 2010-2014
      • Table Armenian Marine, Aviation and Transit Insurance - Gross Written Premium (AMD Billion), 2014-2019
  • Personal Accident and Health Insurance
    • Table Armenian Personal Accident and Health Insurance - Gross Written Premium by Category (AMD Billion), 2010-2014
    • Table Armenian Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2010-2014
    • Table Armenian Personal Accident and Health Insurance - Gross Written Premium by Category (AMD Billion), 2014-2019
    • Table Armenian Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2014-2019
    • Table Armenian Personal Accident and Health Insurance - Direct Written Premium by Category (AMD Billion), 2010-2014
    • Table Armenian Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Million), 2010-2014
    • Table Armenian Personal Accident and Health Insurance - Direct Written Premium by Category (AMD Billion), 2014-2019
    • Table Armenian Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Million), 2014-2019
    • Table Armenian Personal Accident and Health Insurance - Paid Claims (AMD Billion), 2010-2014
    • Table Armenian Personal Accident and Health Insurance - Paid Claims (AMD Billion), 2014-2019
    • Table Armenian Personal Accident and Health Insurance - Incurred Loss (AMD Billion), 2010-2014
    • Table Armenian Personal Accident and Health Insurance - Incurred Loss (AMD Billion), 2014-2019
    • Table Armenian Personal Accident and Health Insurance - Loss Ratio (%), 2010-2014
    • Table Armenian Personal Accident and Health Insurance - Loss Ratio (%), 2014-2019
    • Table Armenian Personal Accident and Health Insurance - Combined Ratio (%), 2010-2014
    • Table Armenian Personal Accident and Health Insurance - Combined Ratio (%), 2014-2019
    • Table Armenian Personal Accident and Health Insurance - Total Assets (AMD Billion), 2010-2014
    • Table Armenian Personal Accident and Health Insurance - Total Assets (AMD Billion), 2014-2019
    • Table Armenian Personal Accident and Health Insurance - Total Investment Income (AMD Million), 2010-2014
    • Table Armenian Personal Accident and Health Insurance - Total Investment Income (AMD Million), 2014-2019
    • Table Armenian Personal Accident and Health Insurance - Net Written Premiums (AMD Billion), 2010-2014
    • Table Armenian Personal Accident and Health Insurance - Net Written Premiums (AMD Billion), 2014-2019
    • Personal Accident Insurance
      • Table Armenian Personal Accident Insurance - Gross Written Premium (AMD Million), 2010-2014
      • Table Armenian Personal Accident Insurance - Gross Written Premium (AMD Million), 2014-2019
    • Health Insurance
      • Table Armenian Health Insurance - Gross Written Premium (AMD Billion), 2010-2014
      • Table Armenian Health Insurance - Gross Written Premium (AMD Billion), 2014-2019
    • Travel Insurance
      • Table Armenian Travel Insurance - Gross Written Premium (AMD Million), 2010-2014
      • Table Armenian Travel Insurance - Gross Written Premium (AMD Million), 2014-2019
  • Reinsurance
    • Table Armenian Reinsurance - Premium Ceded (Excluding Retrocession) by Insurance Segment (AMD Billion), 2010-2014
    • Table Armenian Reinsurance - Premium Ceded (Excluding Retrocession) by Insurance Segment (US$ Million), 2010-2014
    • Table Armenian Reinsurance - Premium Ceded (Excluding Retrocession) by Insurance Segment (AMD Billion), 2014-2019
    • Table Armenian Reinsurance - Premium Ceded (Excluding Retrocession) by Insurance Segment (US$ Million), 2014-2019
    • Table Armenian Non-Life Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2010-2014
    • Table Armenian Non-Life Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2014-2019
    • Table Armenian Personal Accident and Health Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2010-2014
    • Table Armenian Personal Accident and Health Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2014-2019
  • Distribution Channel Analysis
  • Natural Hazards
    • Table Armenian Average Annual Loss by Hazard
    • Floods
    • Earthquakes
    • Landslides
    • Droughts
    • Exposure
  • Competitive Landscape
    • Overview
    • Leading Companies
      • Rosgosstrakh Armenia Insurance CJSC - company overview
        • Table Rosgosstrakh Armenia - Key Facts
      • Ingo Armenia Insurance CJSC - company overview
        • Table Ingo Armenia Insurance CJSC - Key Facts
      • Nairi Insurance LLC- company overview
        • Table Nairi Insurance LLC - Key Facts
      • Reso Insurance CJSC - company overview
        • Table Reso Insurance CJSC - Key Facts
      • Armenia Insurance Ltd - company overview
        • Table Armenia Insurance Ltd. - Key Facts
      • Sil Insurance CJSC - company overview
        • Table Sil Insurance CJSC - Key Facts
  • Governance, Risk and Compliance
    • Table Armenia - Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulations
    • Legislation and market practice by Type of Insurances
      • Life insurance
        • Table Armenia - Life Insurance Regulatory Framework
      • Property insurance
        • Table Armenia - Property Insurance Regulatory Framework
      • Motor insurance
        • Table Armenia - Motor Insurance Regulatory Framework
      • Liability insurance
        • Table Armenia - Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Motor third-party liability
      • Aviation liability insurance
    • Supervision and Control
      • International Association of Insurance Supervisors (IAIS)
      • Central Bank of Armenia (CBA)
      • Association of the Participants of the Insurance Market
    • Non-Admitted Insurance Regulations
      • Overview
      • Intermediaries
      • Market practices
      • Fines and penalties
    • Company Registration and Operations
      • Types of insurance organization
      • Establishing a local company
      • Foreign ownership
        • Table Armenia - Rating Agencies and Minimum Required Ratings
      • Types of license
      • Capital requirements
      • Solvency margins
      • Reserve requirements
      • Investment regulations
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxation
      • Withholding taxes on premium paid overseas
      • Corporate tax
        • Table Armenia - Corporate Tax Rates for the Financial Year 2015
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution (ADR)
  • Definitions and Methodology
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
  • About Timetric
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

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