Wednesday, March 9 2011 23:07
INGO ARMENIA Insurance Company expected to insure another 80-90,000 cars in 2011
ArmInfo. INGO ARMENIA Insurance Company is going to insure another 80-90,000 cars in 2011, to increase voluntary insurance contracts by 25%-30%, Levon Altunyan. Executive Director of INGO ARMENIA told media on Wednesday.
The insurer said that at present in line with the strategic plan of INGO ARMENIA 49.5% of the insurance portfolio of the company are compulsory insurance policies, the remaining 51.5% are voluntary insurance lines such as medical, auto casco and property insurance. Altunyan said that the given ratio will be retained also in future. After the Law On compulsory motor third party liabilities insurance (MTL) came into effect the company made some 62,000 contracts of compulsory insurance or 18% of total car fleet in the country. The company registered nearly 400 insurance cases and recompensed nearly 15% of total MTL premiums. Summing up the results of the company for 2010, the insurer said that last year was the most significant in the history of INGO ARMENIA. Last year the company collected 1.9 bln drams voluntary insurance premiums. Less than in a year the company grew over 3fold and increased the number of its specialists from 27 to 108 people. The company's agent network comprises over 600 consultants and in 2011 the company will employ another 1500 agents. INGO ARMENIA Insurance Company is a full member of INGO International Insurance Group. A potential customer of the company can use the service of delivery of compulsory motor third party liability insurance (MTL) policies, and order the policy by phone, e-mail and via payment terminals. Company has a license for 13 classes of non-life insurance.
Ranking of the Armenian Insurance Companies prepared by the Agency of Rating Marketing Information (ArmInfo) ranked INGO ARMENIA the first in terms of insurance premiums for 9 months of 2010 (1.54 billion drams). As of Sept 30 2010 the statutory capital of the company was 750.9 million drams, equity capital - 1.6 bln drams, assets - 3.2 bln drams, indemnities -335.3 mln drams. Net profit of the company for months of 2010 amounted to 65.1 mln drams.
The Law on MTL came into force on 1 Jan 2011. The Armenian insurers started selling MTL policies starting 18 Oct 2010 and have already made nearly 340,000 MTL contracts.
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