Friday, December 3 2010 11:42

Potential capacity of Armenia's insurance market is $250-300 mln


ArmInfo. The potential capacity of Armenia's insurance market is currently 250-300 mln USD, said President of Rosgosstrakh Danil Khachaturov at today's press conference in Yerevan. According to him, the striving to develop insurance business in Armenia is mostly conditioned by the company's business ideas based on the "terrible underinsuredness" of the existing risks in Armenia.

According to him, in Russia about 8-9% of the risks subjected to insurance are insured, in Poland - 65-68%, in the United States - 98-97%. As regards Armenia, two years ago no more than 1% of the total volume of the risks subjected to insurance were insured, he said.

Khachaturov said that insurance share in GDP in developing countries should range from 2.5% to 3%. In developed countries this index makes up 15% at the mean.

According to the Ranking of Insurance Companies of Armenia by the Agency of Rating Marketing Information (ArmInfo), by 1 October 2010 the share of insurance premiums in GDP made up 0.3%, assets of insurers - 0.8%, equity capital - 0.5%. By 1 October 2010 the total volume of insurance premiums amounted to almost 6 bln AMD ($16.3 mln).
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