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THE INSURANCE INDUSTRY IN ARMENIA, KEY TRENDS AND OPPORTUNITIES TO 2017
SBWire
May 2, 2013 Thursday 9:38 PM EST
May 02, 2013 (SBWire:http://www.sbwire.com)
Fast Market Research recommends "The Insurance Industry in Armenia,
Key Trends and Opportunities to 2017" from Timetric, now available
Boston, MA -- (SBWIRE[1]) -- 05/02/2013 -- 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.
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
Scope
This report provides a comprehensive analysis of the insurance
industry in Armenia: - It provides historical values for the Armenian
insurance industry for the reportaposs 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 Get This Report - 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
Companies Mentioned in this Report: Rosgosstrakh Armenia, Ingo Armenia,
Nairi Insurance, Reso Insurance" About Fast Market Research Fast
Market Research[3] is an online aggregator and distributor of market
research and business information. Representing the worldaposs top
research publishers and analysts, we provide quick and easy access
to the best competitive intelligence available. Our unbiased, expert
staff will help you find the right research to fit your requirements
and your budget.
SBWire
May 2, 2013 Thursday 9:38 PM EST
May 02, 2013 (SBWire:http://www.sbwire.com)
Fast Market Research recommends "The Insurance Industry in Armenia,
Key Trends and Opportunities to 2017" from Timetric, now available
Boston, MA -- (SBWIRE[1]) -- 05/02/2013 -- 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.
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
Scope
This report provides a comprehensive analysis of the insurance
industry in Armenia: - It provides historical values for the Armenian
insurance industry for the reportaposs 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 Get This Report - 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
Companies Mentioned in this Report: Rosgosstrakh Armenia, Ingo Armenia,
Nairi Insurance, Reso Insurance" About Fast Market Research Fast
Market Research[3] is an online aggregator and distributor of market
research and business information. Representing the worldaposs top
research publishers and analysts, we provide quick and easy access
to the best competitive intelligence available. Our unbiased, expert
staff will help you find the right research to fit your requirements
and your budget.