Wednesday, July 4 2012 18:58

Law on compulsory third party insurance must be toughened


ArmInfo. The law on compulsory third party insurance (CTP) must be toughened, newly appointed Deputy CEO of INGO Armenia Garnik Tonoyan (formerly CEO of Cascade Insurance) said during a press-conference on Wednesday.

"However, the tariffs are normal," he said.

CEO of INGO Armenia Levon Altunyan is of the same opinion. "I think that a change in insurance tariffs requires at least a three-year statistical analysis, while compulsory third party insurance was introduced in Armenia just two years ago," he said.

Armenia's insurance companies began selling CTP policies Oct 18 2010. The law on CTP was adopted Jan 1 2011. It stipulated that CTP agreement should be concluded for three months-one year, with the minimum and maximum premiums fixed at 18,634 AMD and 110,313 AMD, respectively.

There are over 400,000 vehicles in Armenia, with an average age of 12 years. The estimated volume of the CTP market in Armenia is 13bln-14 bln AMD ($38mln).

According to ArmInfo's Ranking of Insurance Companies of Armenia, Jan 1 2012 the share of CTP in the aggregate premiums of Armenia's insurance companies made up 66% or 14.9bln AMD, while the share in the aggregate compensations - 68% or 5.5bln AMD. The leaders in this field are RosGosstrakh Armenia, INGO Armenia, RESO and Nairi Insurance - 76% of all CTP premiums and compensations.
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