Monday, June 20 2011 19:45

INGO Armenia is preparing a new product - agricultural risk insurance


ArmInfo. INGO Armenia insurance company is preparing a new product - agricultural risk insurance.

During a seminar in Aghveran June 18-19 Director of INGO Armenia Levon Altunyan said that the new product will be introduced in July-Aug 2011. The tariffs will depend on the size of the risks.

Altunyan said that transition to compulsory insurance should be gradual. "In motor third-party liability insurance we just register road accidents and assess the damages while in medical insurance we deal with medical service providers (hospitals, medical centers) - a crusty system having its chronic problems. And until we solve them, we will not be able to provide effective medical insurance," Altunyan said.

Member of the Board of INGO Armenia, doctor Harutyun Mangoyan said that in Jan-May 2011 the company received a total of 7,554 applications for medical compensation worth over 133mln AMD. 6,056 applications worth 104.4mln AMD were satisfied, 328 ones worth 20.2mln AMD declined.

According to Altunyan, the introduction of life insurance in Armenia will take 1-1.5 years at shortest. "This problem will become increasingly urgent as we will be transiting to accumulative pension insurance. I think that one of the local insurance companies will be ready to insure life and, consequently, to provide pension insurance services. INGO Armenia is not considering this possibility for the time being," Altunyan said.

He said that INGO Armenia is not going to change its plans to diversify its portfolio. For the moment, the company portfolio is equally divided between compulsory and voluntary services with each half to be increased by 20%. In 2011 INGO Armenia expects 500mln AMD net profit against 336mln AMD on June 1 2011. The company is also planning to add 800 new agents to its 1,347 existing ones. "We are also planning to open offices in all Armenia's regions," Altunyan said. Today, INGO Armenia has 2 branches. As of June 1 2011 the company's assets totalled 5.6bln AMD, capital - 1.9bln AMD, authorized capital - 949.4mln AMD, clientele - 85,000 people.

INGO Armenia was established in 1997 as Efes and changed its name in 2004. 75% of its capital belongs to Invest Police CJSC (a Russian company owned by INGOSSTRAKH), 25% - to the company's director Levon Altunyan.
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