Tuesday, February 18 2020 14:10

ArmInfo. "ArmInfo" Information Company issued the 60th anniversary quarterly information and analytical bulletin "Ranking of Armenian Insurance Companies".

''Remaining committed to our mission to create an information and  analytical infrastructure of the financial market in the country that  allows its participants and the country's expert community to  properly manage risks and be constantly aware of the main trends in  the development of the insurance segment, we are systematically  expanding the useful component of our analytical product, which is 15  years old'', General Director of ArmInfo Emanuil Mkrtchyan noted. "We  are grateful to our long-term partners in the face of insurance  companies, individual analysts and experts for consultations that  allow us to expand the usefulness of our product'', Mkrtchyan  emphasized. He expressed special gratitude to the foreign partners,  first of all, Xprimm, the European international specialized  insurance publication, for the constant coverage of the state of the  Armenian insurance market.

''During this period, the insurance market of Armenia passed through  difficult stages of formation, which were reflected, on the one hand,  in reduction of the number of players and, on the other, in  strengthening positions and expanding the range of insurance  products. A special challenge for the development of the market was  the introduction of the first compulsory insurance product - CTPML,  which the market has successfully mastered. A new challenge will be  the agricultural risk insurance program, the pilot project of which  has been implemented since the beginning of this year. It will  require new special technological and intellectual efforts", said  Karina Melikyan, chief financial analyst of the agency.

It should be noted that over the past 20 years the number of Armenian  insurance companies has dropped from 25 to 6. The total assets of the  insurance system over these years have grown 60 -fold- to 62.2  billion drams, equity - 20-fold - up to 19.7 billion drams, current  liabilities - 25-fold - to 42.5 billion drams, and annual net profit  - 10-fold - up to 1.4 billion drams. The volume of insurance premiums  increased over 20 years 22-fold- up to 49.1 billion drams, and  compensations - 25-fold- up to 25 billion drams.