Wednesday, October 3 2012 22:13
Ingosstrakh Insurance Company expected to provide agricultural insurance and compulsory health insurance in Armenia
ArmInfo. Ingosstrakh Insurance Company (Russia) intends to start providing agricultural insurance and compulsory health insurance in Armenia, Tatiana Kaygarodova, Head of INGO Armenia Council, Director General Ingosstrakh Insurance Company told media, Wednesday.
"Relevant legislative initiatives will be adopted shortly and both Ingosstrakh and INGO Armenia are expected to involve in the given process," she said. Kaygarodova said the company will try to achieve leading positions in the above segments of the insurance market of Armenia. Kaygarodova said the Armenian insurance system is approaching the European insurance market by its quality more rapidly than other countries in the CIS.
In response to ArmInfo's question as to whether 7 insurance companies are sufficient for the country at the current stage of the market development, Kaygarodova said: "Seven high quality companies for the Armenian market is normal. For instance, in Russia only 27 out of the operating 1000 and more companies are of high quality."
Ranking of Armenian Insurance Companies prepared by ArmInfo says assets of 7 insurance companies totaled 38.8 bln drams ($92.8 mln) as of July 1 2012, the capital stock totaled 13.7 bln drams ($32.8 mln), statutory capital - 10.6 bln drams ($25.4 mln), insurance premiums - over 6 bln drams ($14.4 mln). For the first half of 2012 the summary net profit of 7 insurance companies made up nearly 500 mln drams ($1.2 mln).
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