Tuesday, March 15 2011 19:57
High inflation disrupts Armenian insurers' plans: Executive Director of Nairi Insurance
ArmInfo. The unfavorable socio-economic situation in Armenia and the high inflation expectations have failed to justify the insurers' plans concerning the growth in CASCO segment, Executive Director of Nairi Insurance Gor Khachatryan told ArmInfo correspondent.
He said almost all insurers expected intensive growth in the segment of motor third party liability (MTPL) insurance segment since the MTPL introduction. "Unfortunately, the multiplying effect expected by the insurers from the MTPL introduction has not occurred yet", he said and added that CASCO remains a business product.
According to Khachatryan, the real activeness in CASCO segment will be in the second half of 2011 and will be connected firstly with the expected dampening of inflationary processes in the country, and as a consequence, with some improvement of the fellow citizens' welfare, and secondly with seasonal factors. In particular, the biggest road accidents with serious damages occur mostly in summertime, and this should make drivers acquire CASCO policies as well, he said.
To note, Nairi Insurance has signed nearly 42 thsd contracts on motor third party liability. Since MTPL introduction in the country, Nairi Insurance has already paid off 60 mln AMD MTPL insurance ndemnities. The company has fixed a total of 370 road accidents (in which the company's clients were the offending party), about 320 of them have already been regulated, and 50 more road accidents are still undergoing expert examination.
In late 2010 Nairi Insurance collected 215.7 mln AMD CASCO premiums. As of 1 Jan 2011, the total capital of the company amounted to 926.4 mln AMD, assets - 2.955 bln AMD, net profit - 11.7 mln AMD.
At present the agent network of the company has over 100 insurance consultants. The company has licenses for 12 classes of non-life insurance.
Expert: Electricity tariff containment in Armenia is only temporary
Political Scientist: Armenia`s withdrawal from Eurasian Economic Union (EAEU) to result in its dependence on Azerbaijani and Turkish markets
Artur Avetisyan: All discussions regarding the choice of a future NPP model will remain mere talk until there is a vision for strategic development
ATI.SU: Demand for international cargo transportation 30% up in Armenia
Civil Contract nominates Armen Ktoyan for Central Bank Board Member position
Armenia, France considering prospects for expanding technological cooperation