Armenian insurance companies collect around 14-15 billion drams annually in mandatory car insurance premiums
13.11.2014,
16:58
Armenian insurance companies collect around 14-15 billion drams annually in mandatory car insurance premiums, according to Misak Babajanyan, the executive director of Armenia’s Car Insurers Bureau.
YEREVAN, November 13. / ARKA /. Armenian insurance companies collect around 14-15 billion drams annually in mandatory car insurance premiums, according to Misak Babajanyan, the executive director of Armenia’s Car Insurers Bureau.
He said to a news conference on Wednesday that the statistics shows that in comparison with 2013 no significant increase in insurance payments was recorded, but when compared to 2011, when the mandatory insurance of vehicles was introduced, both the number of motorists insuring their vehicles and the amount of payments have grown.
Babajanyan said the average amount of a compensation claim today is about 200 thousand drams. He said the number of reported car incidents has grown after the introduction of the mandatory insurance of cars in 2011 ‘due to the increasing number of vehicles and the expansion of the mandatory insurance across the country.’
All six Armenia-based insurance companies paid a total of 7.184 billion drams in 37,111 car insurance compensation claims in the first nine months of this year, a decrease of 5.2% compared to the first nine months of 2013. The amount of insurance premiums in January-September amounted to 13.4 billion drams, having increased by 8.9% compared with the same period last year, according to the Car Insurers Bureau.
According to the Bureau, as of September 30, 2014 there were 447,910 insured vehicles in the country, up 1,589 from the previous month.
According to the Central Bank, the assets of Armenian insurance companies on September 30, 2014 stood at 44.1 billion drams, having increased by 6.3% compared with the same period of 2013. Their liabilities stood at 27.2 billion drams, a decline of 16.8% and their capital was worth 16.9 billion drams, a growth of 17.2%. Their net profit in the third quarter 2014 amounted to over 2.3 billion drams, as opposed to 338 million drams losses sustained in the same time span of 2013. ($ 1 - 415.30 drams). -0--
