Friday, December 3 2010 11:44

HSBC Armenia CJSC and Cascade Insurance ICJSC start a strategic partnership


ArmInfo. HSBC Bank Armenia CJSC and Cascade Insurance ICJSC are pleased to announce that the strategic partnership agreement has now been approved by the Central Bank of Armenia. HSBC Bank Armenia will now be able to sell insurance products such as property insurance, motor insurance including CASCO and compulsory motor third party liability insurance, personal accident insurance, travel insurance and medical insurance.

Cascade Insurance ICJSC is one of the leading insurance providers in Armenia. Garnik Tonoyan, Chief Executive Officer of Cascade Insurance ICJSC, said: "This partnership is the first of its kind in the financial industry of Armenia. Thanks to this type of close business relationship between the insurance and banking sector, the level and quality of financial services will see a substantial increase. We value this opportunity of providing Cascade Insurance services through HSBC Bank Armenia."

Astrid Clifford, Chief Executive Officer, HSBC Bank Armenia, said: "From Monday customers will be able to go to branches of HSBC Armenia and have both their banking and insurance needs served at one location. We look forward to this cooperation and to providing excellent services to our customers."

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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