Tuesday, November 16 2010 12:35

Young actuaries connect problems of MTPL development with financial ignorance and low welfare of Armenian population


ArmInfo. Young actuaries connect the problems of development of Motor Third- Party Liability (MTPL) with financial ignorance and low welfare of Armenian population. Vardan Dabaghyan, Chairman of the Armenian Association of Actuaries, representative of INGO Armenia insurance company, said at today's seminar at the Yerevan State University that in general, Armenian drivers display quite a Positive attitude to the upcoming introduction of MTPL in Armenia.

"But the problem is that most drivers living in the regions of Armenia not only fail to differentiate the kinds of motor insurance, but are also unable to pay for insurance", he said and added that for such drivers, who generally have cheap cars - with no more than 80 h.p. engine power, the value of insurance policy is not high and ranged from 25 thsd AMD to 30 thsd AMD.

At the seminar the young actuaries presented the tariff policy of insurance companies, explained the rules of insurance indemnity and the difference between the motor insurance types, and also presented the leading players of insurance market: INGO Armenia, Rosgosstrakh Armenia, and Cascade Insurance.

To note, Armenian insurers started selling MTPL policies starting October 18. The Law "On Motor Third Party Liability" will come into force on 1 January 2011. According to the tariff plan worked out by Motor Insurers Bureau and approved by the Central Bank of Armenia, the minimal amount of a basic insurance premium is 18634 AMD, and the maximal amount is 110313 AMD.
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