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The Insurance Industry in Armenia, Key Trends

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The report provides in depth market analysis, information and insights into 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 Armenia insurance industry
• The challenges facing the Armenia insurance industry
• The regulatory framework of the Armenia insurance industry


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.


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 Buy

• 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
• Understand the demand-side dynamics, key market trends and growth opportunities within 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, 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

Table of Contents

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
3.4 Regulation
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 Personal Accident and Health Insurance
4.2.1 Personal accident insurance
4.2.2 Health insurance
4.3 Reinsurance

For more information kindly visit :
The Insurance Industry in Armenia, Key Trends and Opportunities to 2017

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