Based on the data from the first quarter of 2025, several changes have been observed, including an overall decline in insurance premiums compared to the same period of the previous year. While total insurance premiums amounted to 22.0 billion AMD in the first quarter of 2024, this figure dropped to 20.5 billion AMD in 2025, marking a decline of approximately 7%.

In 2025, CMTPL (Compulsory Motor Third-Party Liability Insurance) continues to maintain its leading role in the industry, accounting for the largest share of insurance premiums. While in the first quarter of 2024, total CMTPL premiums amounted to 6.6 billion AMD, this figure reached 7.6 billion AMD in 2025, reflecting an approximate 15% increase. As of now, CMTPL represents about 37% of the overall insurance market.

CMPTL is the most popular type of insurance in Armenia, offered by almost all Armenian insurance companies – except for EFES, which provides only a voluntary motor vehicle insurance. The growth trend of CMTPL is mainly due to price increases following the liberalization of insurance rates.

Health insurance ranks second in terms of the highest collected insurance premiums. Health insurance consists of two main types – voluntary health insurance and the social healthcare package (Social Package).  In case of voluntary health insurance, an individual or an organization, voluntarily (i.e., not required by law), selects an insurance company and receives medical services according to the contract. The social package is a basic medical insurance package provided by the state to public employees. There has been a noticeable decline in the health insurance sector. This is because all the contracts under the social healthcare package have not yet been finalized and registered in the system. As a result, none of the related transactions were reflected in the official reports, and the total volumes were not included in the first quarter’s data. The health insurance volumes have decreased by 28% compared to the same period of the previous year. It is expected that once the social healthcare package contracts are approved and registered, the sector will see a sharp increase in the next quarter. Voluntary health insurance also shows a positive trend, with an increase of approximately 42% compared to the previous year.

Property insurance makes up about 16% of the insurance market structure. There has been a 13% decline in this sector, compared to the previous quarter. According to research, the market potential of property insurance has not actually decreased, and the decline is related to the timing of accounting periods of some major contracts.

CASCO insurance has continued to show positive growth in 2025, recording an increase of 25%. It’s important to note that this insurance type also had positive dynamics last year, indicating a consistent upward trend in the sector. This year, Ingo Armenia has particularly stood out with its results in CASCO insurance, recording the highest growth in the market. Rego Insurance and Armenia Insurance have also shown strong results. Although Efes Insurance has experienced a 5% decline compared to the same period last year, it still maintains its leading position in the market, serving nearly 28% of the CASCO market.

In the first quarter of 2025, the voluntary insurance sector, which includes all types of insurance except for CMPTL and the Social Package, recorded approximately a 14% growth compared to the previous year. Currently, the voluntary insurance market accounts for more than 60% of the insurance market.

Efes Insurance is the market leader in total insurance premiums for the first quarter of 2025, collecting more than 5.1 billion AMD and accounting for nearly 25% of the market.

Nairi Insurance and Liga Insurance hold the next positions, each accounting for 16% of the market. They are followed by Armenia Insurance with a 14% market share, Ingo Armenia with 10%, and Rego Insurance and Sil Insurance (each with 9%), which make up the remaining participants in the market.

Efes is also the leader in the voluntary insurance sector, holding almost 40% of the market.

It’s also worth noting that insurance companies are significant contributors to the state budget. According to the State Revenue Committee, in the first quarter of 2025, Liga Insurance led all insurance companies among Armenia’s top 1000 taxpayers, with a total payment of 177,305 thousand drams. Ingo Armenia ranked second, paying 151,629 thousand drams, while Efes Insurance came third with 139,618 thousand drams, and Sil Insurance placed fourth with 81,766 thousand drams.

To conclude, the first quarter of 2025 brought both opportunities and challenges for the Armenian insurance market. While certain sectors, such as CASCO and health insurance, showed positive dynamics, total insurance premiums experienced a slight decline. Total claims also decreased compared to the same period last year, albeit by a small margin. CMPTL, health insurance and CASCO account for the largest share of the total claims volume. According to the latest quarterly figures, Nairi Insurance paid out the highest number of claims, followed by Efes Insurance. The high number of claims were primarily driven by adverse weather conditions and a high level of virus diseases.