Friday, November 19 2010 18:33
About 10% of cars registered in Armenia already have MTPL insurance policies
ArmInfo. About 10% of the cars registered in Armenia already have the insurance policies of Motor Third Party Liability Insurance (MTPL), Director of the Association of Armenian Insurance Market Participants, Andranik Ohanjanyan, said at today's press conference dedicated to the 15th anniversary of insurance market. Before the law on MTPL comes into force, i.e. before 1 Jan 2011, at least 80% of the cars in Armenia will have been insured.
Ohanjanyan added that with introduction of MTPL, the annual volume of MTPL insurance contributions of Armenian insurers will make up approximately 13-14 bln AMD. Over Jan-Sep 2010 the volume of Armenian insurers' contributions amounted to 6.6 bln AMD, in 2009 - 8.1 bln AMD. He added that out of 14 voluntary types of insurance in Armenia CASCO enjoys relative popularity, the share of which in 2009 made up over 16%, or 1.3 bln AMD of the total volume of insurance contributions. According to him, alongside with acquisition of MTPL policies, Armenian drivers are quite actively acquiring CASCO insurance policies as well.
When commenting on possible creation and development of life insurance institute in Armenia, Ohanjanyan recalled that according to the present legislation, an insurance company cannot be engaged in life insurance and non-life insurance simultaneously. The development and establishment of the given institute in the country implies creation of new insurance companies specialized in developed insurance infrastructure. In the given context, the expert thinks that establishment of the life insurance institute in Armenia is low probable in the near future.
To note, 15 years ago, on 19 Nov 1996 the first law "On insurance" was adopted in Armenia. Since then and up to now the insurance market of Armenia has undergone both qualitative and quantities changes. Today there are 9 insurance companies in the insurance market of Armenia.
To recall, Armenian insurers started selling MTPL policies starting 18 Oct 2010. The Law on MTPL will come into force on 1 Jan 2011. According to the tariff plan worked out by the Motor Insurers Bureau and approved the Central Bank of Armenia, the minimum amount of the insurance premium is 18634 AMD, and the maximum one is 110313 AMD.
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