Fast Market Research recommends "The Insurance Industry in Armenia, Key Trends and Opportunities to 2017" from Timetric, now available

Boston, MA -- (SBWire) -- 05/02/2013 --The non-life insurance segment in Armenia achieved significant growth at a CAGR of 35.4% during the review period. This was largely attributed to the absence of life insurance, and the introduction of compulsory third-party motor insurance in 2011. According to Armenian law, insurance providers are required to choose between life and non-life insurance. As a result, insurers which were previously registered to provide both life and non-life insurance left the life segment due to comparatively low demand and concentrated on the non-life segment. This, in conjunction with the introduction of compulsory third-party motor insurance in 2011, generated significant growth for non-life insurance. These factors are expected to support the growth of the segment over the forecast period.

Key Highlights

- The Armenian insurance industry, although very small, registered significant growth during the review period
- 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
- In 2011, Armenia recorded one of the highest road accident rates in south-west Asia, and the country has poor road infrastructure
- The increasing accident rate, combined with the introduction of mandatory third-party motor insurance, will create opportunities for motor and personal accident insurance over the forecast period
- In terms of earnings, the industry is largely skewed towards the non-life segments as the life insurance segment is still in a developmental phase
- The lack of awareness regarding the need for insurance is a key challenge
- Despite economic growth, the country still faces challenges in reducing poverty, unemployment and increasing human development, which is acting as a barrier to insurance industry growth

View Full Report Details and Table of Contents

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 review period and forecast figures for the 2012-2017 forecast period
- It offers a detailed analysis of the key segments and categories in the Armenian insurance industry, along with industry 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 Get This Report

- Make strategic business decisions using in depth historic and forecast industry data related to the Armenian insurance industry and each segment within it
- Assess the competitive dynamics in the Armenian insurance industry

Companies Mentioned in this Report: Rosgosstrakh Armenia, Ingo Armenia, Nairi Insurance, Reso Insurance"

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