Boston, MA -- (SBWIRE) -- 04/08/2014 -- Although very small, the Armenian insurance industry registered significant growth during the review period (2009-2013). Its written premium grew at a review-period compound annual growth rate (CAGR) of 50.9%. 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. The written premium value of the motor insurance category rose at a review-period CAGR of 209.8%.
- 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%
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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 projected 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 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.
- 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.
Companies Mentioned in this Report: Rosgosstrakh Armenia, Ingo Armenia, Nairi Insurance, Reso Insurance, Garant-Limence Armenia, Armenia Insurance, SIL Insurance
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