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Armenia

Armenia

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Armenia Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Armenia includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

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Information for Armenia can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Global Statistics Regulatory Alerts Market Profiles Insight Compliance Compliance Point Clinical Trials Axco API Insight Risk Manager

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
latest GWP
Insurance Penetration (%)
GMT+4
Yerevan
AMD
2.94 mn
4.05%
3.07%
93.09
0.63

Armenia is considered a small emerging insurance market. As in some other post-Soviet economies, insurance culture and product penetration remains low, especially in the consumer segment. There are few compulsory insurances although compulsory motor third party liability has been a requirement since 1 January 2011. There is an exposure to earthquake risk and the country experienced a severe earthquake in Gyumri (Leninakhan) in December 1988. Under the supervisory responsibility of the Central Bank, improved legislation, regulations and prudential standards have all led to market consolidation, increased capitalisation and greater professionalism within the insurance market in Armenia, so the market is gradually evolving and becoming more sophisticated.

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