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

Published: Mar, 2014 | Pages: 127 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


Synopsis
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 

Summary
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%. 
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 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. 
Reason 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%

 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 Persol Accident and Health Insurance
4.2.1 Persol accident insurance
4.2.2 Health insurance
4.3 Reinsurance
5 Governce, 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 Persol accident and health insurance regulations
5.3 Compulsory Insurance
5.3.1 Motor third-party liability
5.4 Supervision and Control
5.4.1 Intertiol 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 pelties
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 Altertive 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 iri 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 EUR-US$
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 Timetric's Services
8.5 Disclaimer


List of Tables
Table 1: Insurance Industry Definitions
Table 2: Armenian Insurance - Overall Written Premium by Segment (AMD Billion), 2009-2013
Table 3: Armenian Insurance - Overall Written Premium by Segment (US$ Million), 2009-2013
Table 4: Armenian Insurance - Overall Written Premium by Segment (AMD Billion), 2013-2018
Table 5: Armenian Insurance - Overall Written Premium by Segment (US$ Million), 2013-2018
Table 6: Armenian Insurance - Segmentation (Percentage Share), 2009-2018
Table 7: Armenian Non-Life Insurance - Written Premium by Category (AMD Billion), 2009-2013
Table 8: Armenian Non-Life Insurance - Written Premium by Category (US$ Million), 2009-2013
Table 9: Armenian Non-Life Insurance - Written Premium by Category (AMD Billion), 2013-2018
Table 10: Armenian Non-Life Insurance - Written Premium by Category (US$ Million), 2013-2018
Table 11: Armenian Non-Life Insurance - Paid Claims (AMD Billion), 2009-2013
Table 12: Armenian Non-Life Insurance - Paid Claims (AMD Billion), 2013-2018
Table 13: Armenian Non-Life Insurance - Incurred Loss (AMD Billion), 2009-2013
Table 14: Armenian Non-Life Insurance - Incurred Loss (AMD Billion), 2013-2018
Table 15: Armenian Non-Life Insurance - Loss Ratio (%), 2009-2013
Table 16: Armenian Non-Life Insurance - Loss Ratio (%), 2013-2018
Table 17: Armenian Non-Life Insurance - Combined Ratio (%), 2009-2013
Table 18: Armenian Non-Life Insurance - Combined Ratio (%), 2013-2018
Table 19: Armenian Non-Life Insurance - Total Assets (AMD Billion), 2009-2013
Table 20: Armenian Non-Life Insurance - Total Assets (AMD Billion), 2013-2018
Table 21: Armenian Non-Life Insurance - Retentions (AMD Billion), 2009-2013
Table 22: Armenian Non-Life Insurance - Retentions (AMD Billion), 2013-2018
Table 23: Armenian Property Insurance - Written Premium (AMD Billion), 2009-2013
Table 24: Armenian Property Insurance - Written Premium (AMD Billion), 2013-2018
Table 25: Armenian Motor Insurance - Written Premium (AMD Billion), 2009-2013
Table 26: Armenian Motor Insurance - Written Premium (AMD Billion), 2013-2018
Table 27: Armenian Liability Insurance - Written Premium (AMD Billion), 2009-2013
Table 28: Armenian Liability Insurance - Written Premium (AMD Billion), 2013-2018
Table 29: Armenian Marine, Aviation and Transit Insurance - Written Premium (AMD Billion), 2009-2013
Table 30: Armenian Marine, Aviation and Transit Insurance - Written Premium (AMD Billion), 2013-2018
Table 31: Armenian Persol Accident and Health Insurance - Written Premium by Category (AMD Billion), 2009-2013
Table 32: Armenian Persol Accident and Health Insurance - Written Premium by Category (US$ Billion), 2009-2013
Table 33: Armenian Persol Accident and Health Insurance - Written Premium by Category (AMD Billion), 2013-2018
Table 34: Armenian Persol Accident and Health Insurance - Written Premium by Category (US$ Billion), 2013-2018
Table 35: Armenian Persol Accident and Health Insurance - Paid Claim (AMD Billion), 2009-2013
Table 36: Armenian Persol Accident and Health Insurance - Paid Claim (AMD Billion), 2013-2018
Table 37: Armenian Persol Accident and Health Insurance - Incurred Loss (AMD Billion), 2009-2013
Table 38: Armenian Persol Accident and Health Insurance - Incurred Loss (AMD Billion), 2013-2018
Table 39: Armenian Persol Accident and Health Insurance - Loss Ratio (%), 2009-2013
Table 40: Armenian Persol Accident and Health Insurance - Loss Ratio (%), 2013-2018
Table 41: Armenian Persol Accident and Health Insurance - Combined Ratio (%), 2009-2013
Table 42: Armenian Persol Accident and Health Insurance - Combined Ratio (%), 2013-2018
Table 43: Armenian Persol Accident and Health Insurance - Total Assets (AMD Billion), 2009-2013
Table 44: Armenian Persol Accident and Health Insurance - Total Assets (AMD Billion), 2013-2018
Table 45: Armenian Persol Accident and Health Insurance - Retentions (AMD Billion), 2009-2013
Table 46: Armenian Persol Accident and Health Insurance - Retentions (AMD Billion), 2013-2018
Table 47: Armenian Persol Accident Insurance - Written Premium (AMD Billion), 2009-2013
Table 48: Armenian Persol Accident Insurance - Written Premium (AMD Billion), 2013-2018
Table 49: Armenian Health Insurance - Written Premium (AMD Billion), 2009-2013
Table 50: Armenian Health Insurance - Written Premium (AMD Billion), 2013-2018
Table 51: Armenian Reinsurance Ceded by Segment (AMD Billion), 2009-2013
Table 52: Armenian Reinsurance Ceded by Segment (US$ Billion), 2009-2013
Table 53: Armenian Reinsurance Ceded by Segment (AMD Billion), 2013-2018
Table 54: Armenian Reinsurance Ceded by Segment (US$ Billion), 2013-2018
Table 55: Armenian Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 56: Armenian Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 57: Armenian Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 58: Armenian Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 59: Armenia - Life Insurance Regulatory Framework
Table 60: Armenia - Property Insurance Regulatory Framework
Table 61: Armenia - Motor Insurance Regulatory Framework
Table 62: Armenia - Rating Agencies and Minimum Required Ratings
Table 63: Armenia - Corporate Tax Rates for the Fincial Year 2013
Table 64: Armenian Insurance - Industry Shares (%), 2011
Table 65: Rosgosstrakh Armenia, Main Products
Table 66: Union of Burki Insurance, Key Employees
Table 67: Ingo Armenia, Main Products
Table 68: Ingo Armenia, Key Employees
Table 69: iri Insurance, Main Products
Table 70: iri Insurance, Key Employees
Table 71: Reso Insurance, Main Products
Table 72: Union of Burki Insurance, Key Employees
Table 73: Garant-Limence Armenia, Main Products
Table 74: Union of Burki Insurance, Key Employees
Table 75: Reso Insurance, Main Products
Table 76: Union of Burki Insurance, Key Employees
Table 77: Ingo Armenia , Main Products
Table 78: Ingo Armenia, Key Employees