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MISCONDUCT OF DRIVERS MAY LEAD TO GROWTH IN MOTOR THIRD PARTY LIABILITY INSURANCE TARIFFS IN ARMENIA
arminfo
Tuesday, September 11, 17:47
The misconduct of the drivers and the attempted fraud may lead to
growth in motor third party liability insurance (MTPL) tariffs in
Armenia, Head of INGO Armenia insurance company, Levon Altunyan, said
at a press conference in Yerevan. He said that the MTPL profitability
is very low for the insurers. He added that the criticism of some
politicians saying that the insurance companies obtain excessive profit
is ungrounded and unprofessional, because these conclusions are made
on the basis of the primitive ratio of the MTPL payments against the
premiums collected, without talking into account the general operating
and administrative costs for serving the insurable events.
Altunyan said that the voluntary types of insurance in the portfolio of
INGO Armenia constitute more than half of the premiums collected, and
the annual growth of premiums from the voluntary types of insurance
is about 25%. "These figures demonstrate the company's financial
stability in the long-term outlook", Altunyan said.
According to the Ranking of Insurance Companies of Armenia by the
Agency of Rating Marketing Information, over the first half of 2012 7
insurance companies of Armenia collected premiums worth 23.8 bln AMD,
of them 10.1 bln AMD being MTPL premiums. The insurance payments of
the Armenian insurers amounted to 6 bln AMD, of them 4.2 bln AMD being
MTPL payments. INGO Armenia is in the lead by the volume of premiums
collected over the first half of 2012 (almost 1/3rd of the premiums
collected by the insurers).
To recall, INGO Armenia entered the Armenian insurance market in 1997.
It is licensed to provide 15 classes of non-life insurance. The
company is a full member of the international INGO Group and has one
of the widest agent networks. By the end of the first half of 2012
the company's assets exceeded 10 bln AMD.
In early July 2012 the merger of INGO Armenia and Cascade Insurance
was over, and Cascade Insurance stopped its existence.
arminfo
Tuesday, September 11, 17:47
The misconduct of the drivers and the attempted fraud may lead to
growth in motor third party liability insurance (MTPL) tariffs in
Armenia, Head of INGO Armenia insurance company, Levon Altunyan, said
at a press conference in Yerevan. He said that the MTPL profitability
is very low for the insurers. He added that the criticism of some
politicians saying that the insurance companies obtain excessive profit
is ungrounded and unprofessional, because these conclusions are made
on the basis of the primitive ratio of the MTPL payments against the
premiums collected, without talking into account the general operating
and administrative costs for serving the insurable events.
Altunyan said that the voluntary types of insurance in the portfolio of
INGO Armenia constitute more than half of the premiums collected, and
the annual growth of premiums from the voluntary types of insurance
is about 25%. "These figures demonstrate the company's financial
stability in the long-term outlook", Altunyan said.
According to the Ranking of Insurance Companies of Armenia by the
Agency of Rating Marketing Information, over the first half of 2012 7
insurance companies of Armenia collected premiums worth 23.8 bln AMD,
of them 10.1 bln AMD being MTPL premiums. The insurance payments of
the Armenian insurers amounted to 6 bln AMD, of them 4.2 bln AMD being
MTPL payments. INGO Armenia is in the lead by the volume of premiums
collected over the first half of 2012 (almost 1/3rd of the premiums
collected by the insurers).
To recall, INGO Armenia entered the Armenian insurance market in 1997.
It is licensed to provide 15 classes of non-life insurance. The
company is a full member of the international INGO Group and has one
of the widest agent networks. By the end of the first half of 2012
the company's assets exceeded 10 bln AMD.
In early July 2012 the merger of INGO Armenia and Cascade Insurance
was over, and Cascade Insurance stopped its existence.