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

Published: Jun, 2016 | Pages: 165 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)



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.

 Table of Contents

1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Armenian Insurance Industry Overview
4.1 The Armenian Insurance Industry
5 Life Insurance
6 Non-Life Insurance1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Armenian Insurance Industry Overview
4.1 Armenian Insurance Industry
5 Non-Life Insurance
5.1 Property Insurance
5.2 Motor Insurance
5.3 Liability Insurance
5.4 Marine, Aviation and Transit Insurance
6 Personal Accident and Health Insurance
6.1 Personal Accident Insurance
6.2 Health Insurance
6.3 Travel Insurance
7 Reinsurance
8 Distribution Channel Analysis
9 Natural Hazards
9.1 Floods
9.2 Earthquakes
9.3 Landslides
9.4 Droughts
9.5 Exposure
10 Competitive Landscape
10.1 Overview
10.2 Leading Companies
10.2.1 Rosgosstrakh Armenia Insurance CJSC - company overview
10.2.2 Ingo Armenia Insurance CJSC - company overview
10.2.3 Nairi Insurance LLC- company overview
10.2.4 Reso Insurance CJSC - company overview
10.2.5 Armenia Insurance Ltd - company overview
10.2.6 Sil Insurance CJSC - company overview
11 Governance, Risk and Compliance
11.1 Legislation Overview and Historical Evolution
11.2 Latest Changes in Regulations
11.3 Legislation and market practice by Type of Insurances
11.3.1 Life insurance
11.3.2 Property insurance
11.3.3 Motor insurance
11.3.4 Liability insurance
11.3.5 Marine, aviation and transit insurance
11.3.6 Personal accident and health insurance
11.4 Compulsory Insurance
11.4.1 Motor third-party liability
11.4.2 Aviation liability insurance
11.5 Supervision and Control
11.5.1 International Association of Insurance Supervisors (IAIS)
11.5.2 Central Bank of Armenia (CBA)
11.5.3 Association of the Participants of the Insurance Market
11.6 Non-Admitted Insurance Regulations
11.6.1 Overview
11.6.2 Intermediaries
11.6.3 Market practices
11.6.4 Fines and penalties
11.7 Company Registration and Operations
11.7.1 Types of insurance organization
11.7.2 Establishing a local company
11.7.3 Foreign ownership
11.7.4 Types of license
11.7.5 Capital requirements
11.7.6 Solvency margins
11.7.7 Reserve requirements
11.7.8 Investment regulations
11.7.9 Statutory return requirements
11.7.10 Fee structure
11.8 Taxation
11.8.1 Insurance premium or policy taxation
11.8.2 Withholding taxes on premium paid overseas
11.8.3 Corporate tax
11.8.4 VAT
11.8.5 Captives
11.9 Legal System
11.9.1 Introduction
11.9.2 Access to court
11.9.3 Alternative dispute resolution (ADR)
12 Definitions and Methodology
12.1 Definitions
12.2 Methodology
13 About Timetric
13.1 Contact Timetric
13.2 About Timetric
13.3 Timetric's Services
13.4 Disclaimer

List of Tables
Table 1: Armenian Insurance Industry - Key Facts
Table 2: Armenian Insurance - Gross Written Premium by Segment (AMD Billion), 2010-2014
Table 3: Armenian Insurance - Gross Written Premium by Segment (US$ Million), 2010-2014
Table 4: Armenian Insurance - Gross Written Premium by Segment (AMD Billion), 2014-2019
Table 5: Armenian Insurance - Gross Written Premium by Segment (US$ Million), 2014-2019
Table 6: Armenian Insurance - Segmentation by Gross Written Premium (% Share), 2010-2019
Table 7: Armenian Insurance - Direct Written Premium by Segment (AMD Billion), 2010-2014
Table 8: Armenian Insurance Direct Written Premium by Segment (US$ Million), 2010-2014
Table 9: Armenian Insurance - Direct Written Premium by Segment (AMD Billion), 2014-2019
Table 10: Armenian Insurance - Direct Written Premium by Segment (US$ Million), 2014-2019
Table 11: Armenian Insurance - Segmentation by Direct Written Premium (%), 2010-2019
Table 12: Armenian Non-Life Insurance - Gross Written Premium by Category (AMD Billion), 2010-2014
Table 13: Armenian Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2010-2014
Table 14: Armenian Non-Life Insurance - Gross Written Premium by Category (AMD Billion), 2014-2019
Table 15: Armenian Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2014-2019
Table 16: Armenian Non-Life Insurance - Direct Written Premium by Category (AMD Billion), 2010-2014
Table 17: Armenian Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2010-2014
Table 18: Armenian Non-Life Insurance - Direct Written Premium by Category (AMD Billion), 2014-2019
Table 19: Armenian Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2014-2019
Table 20: Armenian Non-Life Insurance - Paid Claims (AMD Billion), 2010-2014
Table 21: Armenian Non-Life Insurance - Paid Claims (AMD Billion), 2014-2019
Table 22: Armenian Non-Life Insurance - Incurred Loss (AMD Billion), 2010-2014
Table 23: Armenian Non-Life Insurance - Incurred Loss (AMD Billion), 2014-2019
Table 24: Armenian Non-Life Insurance - Loss Ratio (%), 2010-2014
Table 25: Armenian Non-Life Insurance - Loss Ratio (%), 2014-2019
Table 26: Armenian Non-Life Insurance - Combined Ratio (%), 2010-2014
Table 27: Armenian Non-Life Insurance - Combined Ratio (%), 2014-2019
Table 28: Armenian Non-Life Insurance - Total Assets (AMD Billion), 2010-2014
Table 29: Armenian Non-Life Insurance - Total Assets (AMD Billion), 2014-2019
Table 30: Armenian Non-Life Insurance - Total Investment Income (AMD Billion), 2010-2014
Table 31: Armenian Non-Life Insurance - Total Investment Income (AMD Billion), 2014-2019
Table 32: Armenian Non-Life Insurance - Net Written Premiums (AMD Billion), 2010-2014
Table 33: Armenian Non-Life Insurance - Net Written Premiums (AMD Billion), 2014-2019
Table 34: Armenian Property Insurance - Gross Written Premium (AMD Billion), 2010-2014
Table 35: Armenian Property Insurance - Gross Written Premium (AMD Billion), 2014-2019
Table 36: Armenian Motor Insurance - Gross Written Premium (AMD Billion), 2010-2014
Table 37: Armenian Motor Insurance - Gross Written Premium (AMD Billion), 2014-2019
Table 38: Armenian Liability Insurance - Gross Written Premium (AMD Million), 2010-2014
Table 39: Armenian Liability Insurance - Gross Written Premium (AMD Million), 2014-2019
Table 40: Armenian Marine, Aviation and Transit Insurance - Gross Written Premium (AMD Billion), 2010-2014
Table 41: Armenian Marine, Aviation and Transit Insurance - Gross Written Premium (AMD Billion), 2014-2019
Table 42: Armenian Personal Accident and Health Insurance - Gross Written Premium by Category (AMD Billion), 2010-2014
Table 43: Armenian Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2010-2014
Table 44: Armenian Personal Accident and Health Insurance - Gross Written Premium by Category (AMD Billion), 2014-2019
Table 45: Armenian Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2014-2019
Table 46: Armenian Personal Accident and Health Insurance - Direct Written Premium by Category (AMD Billion), 2010-2014
Table 47: Armenian Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Million), 2010-2014
Table 48: Armenian Personal Accident and Health Insurance - Direct Written Premium by Category (AMD Billion), 2014-2019
Table 49: Armenian Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Million), 2014-2019
Table 50: Armenian Personal Accident and Health Insurance - Paid Claims (AMD Billion), 2010-2014
Table 51: Armenian Personal Accident and Health Insurance - Paid Claims (AMD Billion), 2014-2019
Table 52: Armenian Personal Accident and Health Insurance - Incurred Loss (AMD Billion), 2010-2014
Table 53: Armenian Personal Accident and Health Insurance - Incurred Loss (AMD Billion), 2014-2019
Table 54: Armenian Personal Accident and Health Insurance - Loss Ratio (%), 2010-2014
Table 55: Armenian Personal Accident and Health Insurance - Loss Ratio (%), 2014-2019
Table 56: Armenian Personal Accident and Health Insurance - Combined Ratio (%), 2010-2014
Table 57: Armenian Personal Accident and Health Insurance - Combined Ratio (%), 2014-2019
Table 58: Armenian Personal Accident and Health Insurance - Total Assets (AMD Billion), 2010-2014
Table 59: Armenian Personal Accident and Health Insurance - Total Assets (AMD Billion), 2014-2019
Table 60: Armenian Personal Accident and Health Insurance - Total Investment Income (AMD Million), 2010-2014
Table 61: Armenian Personal Accident and Health Insurance - Total Investment Income (AMD Million), 2014-2019
Table 62: Armenian Personal Accident and Health Insurance - Net Written Premiums (AMD Billion), 2010-2014
Table 63: Armenian Personal Accident and Health Insurance - Net Written Premiums (AMD Billion), 2014-2019
Table 64: Armenian Personal Accident Insurance - Gross Written Premium (AMD Million), 2010-2014
Table 65: Armenian Personal Accident Insurance - Gross Written Premium (AMD Million), 2014-2019
Table 66: Armenian Health Insurance - Gross Written Premium (AMD Billion), 2010-2014
Table 67: Armenian Health Insurance - Gross Written Premium (AMD Billion), 2014-2019
Table 68: Armenian Travel Insurance - Gross Written Premium (AMD Million), 2010-2014
Table 69: Armenian Travel Insurance - Gross Written Premium (AMD Million), 2014-2019
Table 70: Armenian Reinsurance - Premium Ceded (Excluding Retrocession) by Insurance Segment (AMD Billion), 2010-2014
Table 71: Armenian Reinsurance - Premium Ceded (Excluding Retrocession) by Insurance Segment (US$ Million), 2010-2014
Table 72: Armenian Reinsurance - Premium Ceded (Excluding Retrocession) by Insurance Segment (AMD Billion), 2014-2019
Table 73: Armenian Reinsurance - Premium Ceded (Excluding Retrocession) by Insurance Segment (US$ Million), 2014-2019
Table 74: Armenian Non-Life Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2010-2014
Table 75: Armenian Non-Life Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2014-2019
Table 76: Armenian Personal Accident and Health Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2010-2014
Table 77: Armenian Personal Accident and Health Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2014-2019
Table 78: Armenian Average Annual Loss by Hazard
Table 79: Rosgosstrakh Armenia - Key Facts
Table 80: Ingo Armenia  Insurance CJSC - Key Facts
Table 81: Nairi Insurance LLC - Key Facts
Table 82: Reso Insurance CJSC - Key Facts
Table 83: Armenia Insurance Ltd. - Key Facts
Table 84: Sil Insurance CJSC - Key Facts
Table 85: Armenia - Insurance Regulatory Framework Key Features
Table 86: Armenia - Life Insurance Regulatory Framework
Table 87: Armenia - Property Insurance Regulatory Framework
Table 88: Armenia - Motor Insurance Regulatory Framework
Table 89: Armenia - Liability Insurance Regulatory Framework
Table 90: Armenia - Rating Agencies and Minimum Required Ratings
Table 91: Armenia - Corporate Tax Rates for the Financial Year 2015
Table 92: Insurance Industry Definitions