Wednesday, February 1 2012 16:21
Non-mandatory types of insurance to inevitably develop in Armenia
ArmInfo. The non-mandatory types of insurance will inevitably develop in Armenia, Vice President of Rosgosstrakh Group Rafael Minasbekyan said at a press conference in Yerevan on Wednesday. He added that all the processes related to introduction of the motor third party liability insurance (MTPL) in Armenia took place much faster than in a number of other countries, including Russia.
Minasbekyan said that Armenian fixed a record indicator by the number of insurees in the first 1.5 months after introduction of the MTPL. Their number made up 80% of the total number of potential insurees. The country also reached an unprecedented figure by the level indemnities. "This affects the financial results of the company, nevertheless, we welcome this because insurance is not sale of policies, but settlement of losses", he said.
He expressed confidence that a positive attitude towards insurance will also be formed in Armenia faster than in other countries. This will lead to development of non-mandatory types of insurance in 2 or 3 years. Furthermore, Armenia has not even used 1% of the insurance market potential. "The potential of the market is huge, like in any other country, which got on the path of economic development not long ago", he said.
As regards the optimal number of insurance companies in the Armenian market, Minasbekyan pointed out that in the developing market the number of the companies should not exceed 15.
According to the Ranking of Insurance Companies of Armenia by the Agency of Rating Marketing Information (ArmInfo), over 2011 the assets of Rosgosstrakh Armenia amounted to 6.4 bln AMD, the authorized capital exceeded 2.1 bln AMD. The company's insurance premiums by late 2011 reached 6.5 bln AMD, and the indemnities exceeded 2.4 bln AMD. Today the company has 49 service office, 15 of them in Yerevan, 34 - in the marzes of Armenia. Rosgosstrakh Armenia was founded in May 2008 and it is included in Rosgosstrakh Group (Russia). There are a total of 8 companies in the Armenian insurance market.
Expert critical of compulsory medical insurance 
Expert comments on medical insurance system in Armenia 
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