Armenia has seen significant growth and development in its insurance market in recent years. Customer preferences in Armenia show a growing interest in insurance products that provide comprehensive coverage for various risks. Customers are increasingly looking for policies that offer not only traditional coverage such as health and property insurance, but also more specialized products like cyber insurance and travel insurance. This shift in preferences is in line with global trends where individuals are becoming more risk-conscious and seeking protection against a wider range of potential threats. Trends in the Armenian insurance market indicate a gradual increase in market penetration, with more individuals and businesses opting for insurance coverage. The market is also witnessing a rise in the adoption of digital technologies, leading to the development of online insurance platforms and mobile applications for easier access to insurance products. Additionally, there is a growing emphasis on product innovation and customization to meet the diverse needs of customers in the country. Local special circumstances in Armenia, such as a relatively small population and a developing economy, play a role in shaping the insurance market. The market is characterized by a few key players dominating the industry, leading to intense competition among insurance companies. This dynamic has prompted insurers to focus on improving their service quality, expanding their product offerings, and enhancing customer experience to stay competitive in the market. Underlying macroeconomic factors, including stable economic growth and increasing disposable income levels, have contributed to the expansion of the insurance market in Armenia. As the economy continues to grow, more individuals and businesses are recognizing the importance of insurance as a means of financial protection and risk management. This favorable economic environment has created opportunities for insurers to tap into a growing customer base and drive further market growth in the country.
Data coverage:
Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.Modeling approach / Market size:
Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).Additional Notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.
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