Currently, there are six insurance companies operating in Armenia.
Rosgosstrakh-Armenia is the largest with a 30.7% market share, followed by Ingo Armenia (26.6%), Nairi Insurance (15.8%), Sil Insurance (12.1%), Reso (8.7%) and Armenia Insurance (5.9%).
2013 was a tough year for the companies. Only Armenia Insurance and Nairi Insurance made it through without a loss, posting 300 million AMD and 514 million in profit respectively.
2014 saw their financial positions improve dramatically.
All six posted profits for the first half of 2015.
Rosgosstrakh-Armenia posted a profit of 658.8 million AMD, compared to a profit of 437.1 million in the first half of 2014.
Ingo Armenia posted a profit of 173.4 million in the first six months of 2015, compared to 403.6 in the same period last year.
Reso: 87.3 million profit first half of 2015; 195.9 million profit first half 2014.
Sil Insurance: 53.2 million profit first half 2015; 88.3 million loss first half 2014
Nairi Insurance: 297.8 million profit first half 2015; 229.6 million profit first half 2015.
Armenia Insurance: 235.5 million profit first half 2015; 160.4 million profit first half 2014.
Total insurance policy payments for 2013 amounted to 35.753 billion AMD and claim payments amounted to 19.718 billion.
In 2012, policy payments totaled 228.5 million and claim payments, 5.231 billion.
Most insurance policies sold in Armenia are automobile liability (66%), followed by personal insurance (17%) and property insurance (13%).