ArmInfo. INGO Armenia Insurance Company is a system- forming, client-oriented, sustainable, and one of the most developed in terms of innovation. Such an opinion on September 29 at a press conference timed to the 20th anniversary of INGO Armenia Insurance Company, Tatiana Kaygorodova, Deputy General Director of SPC Ingosstrakh, said.

ArmInfo. Successful business forges for years, leaving behind itself the difficult years of becoming. And from what principles were used as the basis of this process, what mission accompanied and guided the company in the process of its growth, this is the result of achieving a qualitative maturity. These days, INGO Armenia, one of the most successful insurance companies in the country, celebrates its 20th anniversary. And she began with the idea that appeared in a small company of like-minded people who decided to start an insurance business in the country in the classical sense. So was born in 1997, an insurance company called "Efes", denoting a medieval cold weapon with an obligatory attribute of security - a guard designed to protect the hand. For many years, the company was led by its co-owner Levon Altunyan, a medical student who apparently failed to deny the new Prime Minister Karen Karapetyan an invitation to head the Ministry of Health for the sake of major systemic changes in the field of national health. The company was headed by his youngest comrade, like-minded person who has worked in the company since the beginning of the 2000s, having studied at Cambridge University, Arevshat Meliksetyan. We asked him for a meeting to talk about the company's path, the situation in the insurance market and its prospects. The company you led was one of the first companies in the Armenian insurance market. And you joined her pretty early. Could you briefly describe the path that has been taken? After all, the market grew with great difficulties and huge numerical losses. How did "Ephesus" manage not just to survive, but by attracting a large strategic investor, to become a leading player in the market?

ArmInfo. With the introduction of a system of direct reimbursements in Armenia, the gap in the average size of the insurance payment for OSAGO has narrowed significantly - from the previous 150-210 thousand drams to the current 178-198 thousand drams.  Vahan Avetisyan, executive director of the Armenian Auto Insurers' Bureau, explained in an interview with ArmInfo correspondent that this is because the principles and approaches of insurance companies to the damage assessment became more similar.

ArmInfo. In 2018, a mobile version of the registration of insurance cases for the Euro-protocol (according to the simplified scheme) will be introduced to maximize the convenience of drivers when registering accidents. Vahan Avetisyan, Executive Director of the Armenian Auto Insurers' Bureau, told ArmInfo correspondent that at present the application is at the stage of registration of the technical assignment. As a result, drivers with an independent registration of an insurance event will have a choice in which version to fill out a questionnaire - paper or mobile.

ArmInfo. The Central Bank of  Armenia issued a license to RESO Insurance Company for two new  classes - aviation insurance and liability from its use. As the press  service of the Central Bank of Armenia told ArmInfo, the decision was  made on August 4 at a meeting of the Council of the Central Bank.

ArmInfo. The share of retail insurance in the  portfolios of premiums of Armenian insurers for the first half of  2017 was 54.6% (9.3 billion drams), corporate - 45.4% (7.7 billion  drams). At the same time, the capacity of the retail insurance market  improved the annual trend from negative 3.9% to positive 2.7%, while  the growth rate of corporate insurance accelerated from 7.3% to 8.5%. 

ArmInfo. The share of retail insurance in the  portfolios of premiums of Armenian insurers for the first half of  2017 was 54.6% (9.3 billion drams), corporate - 45.4% (7.7 billion  drams). At the same time, the capacity of the retail insurance market  improved the annual trend from negative 3.9% to positive 2.7%, while  the growth rate of corporate insurance accelerated from 7.3% to 8.5%. 

ArmInfo.  The premiums of Armenian  insurance companies declined by 22.8% in Q2 of 2017, with declines of  10.2%. In the first half of the year, the annual growth of insurance  premiums was much more modest - 4.7%, rather than payments - 30.5%.  By July 1, 2017, the total volume of insurance premiums was 16.6  billion drams, and the amount of insurance indemnities - 8.1 billion  drams (figures are from the reports of IC on IFRS standards).  According to the Ranking of insurance companies of Armenia prepared  by ArmInfo News Agency, as a result of this the insurance system  summed up the first half of 2017 with a net profit of 1.3 billion  drams with a quarterly growth of 44.6%, with an annual decline of  51.6%. According to reports of SC portfolios on CBA standards,  insurance premiums totaled 16.98 billion drams (an annual growth of  5.3%), and compensation - 8.02 billion drams (annual growth of  17.7%). The decline in fees during the reporting period was recorded  in 2 out of 6 companies operating in the insurance market of Armenia,  while the decline in compensation was observed in the 1 st.

ArmInfo. The company "Rosgosstrakh Armenia" summed up the results of the contest for students. As the press service of the company informed ArmInfo, the winner was the graduate of Yerevan State University, the student of the magistracy of the American University in Armenia, Sinara Gharibyan. She, having received an invitation to work from Rosgosstrakh Armenia, noted that thanks to the competition she managed to gain profound knowledge and to believe in her own strength.

ArmInfo. Armenian office of  Finance Ombudsman pretty effectively resolves disputes between  natural persons and financial organizations. Such an opinion was  expressed by the qualified Italian mediator Corrado Mora on May 25,  answering a question from ArmInfo, who arrived in Yerevan on May  25-26 at the annual 7th conference on "Strengthening public  confidence to Finance Ombudsman Institute and increasing the role of  financial intermediation."

ArmInfo. Share of retail insurance in portfolios of premiums of Armenian insurers on the basis of Q1 2017 was 52.1% (4.96 billion AMD), corporate - 47.9% (4.6 billion AMD).

ArmInfo. Interview of IA ArmInfo with Deputy Executive Director of "Sil Insurance" Levon Mamikonyan

ArmInfo. Armenian insurers in Q1  2017 compensated 4.2 billion AMD or $ 8.6 million for various classes  (figures are given from the reports of the portfolios of the IC  according to ACB standards). On an annual basis, insurers' refunds  increased by 13.8%, versus growth for 13.4% a year ago.

ArmInfo. The premiums of Armenian  insurance companies grew for 3.1% during Q1 2017, with amends'  increase  only for 0.7%. At the same time, insurance premiums fell by  1.1%, with an increase in payments by 32.6%. By April 1, 2017, the  total volume of insurance premiums amounted 9.4 billion AMD, and the  amount of insurance indemnities - 4.3 billion AMD (figures from the  reports of the IC on IFRS standards).

ArmInfo. ArmInfo IA interview with  Vahan  Avetisyan,  the Chief Executive of Armenian Bureau of Motor Insurers

ArmInfo.

ArmInfo. VTB Bank (Armenia) as an  agent of leading insurance companies offers beneficial insuring  products, the clients can get in the Bank without visiting the  insurance companies' offices, Bank's press-service informed ArmInfo. 

ArmInfo.

ArmInfo. From April 2017 new conditions of CVI  insurance indemnifications are  enforced  in Armenia. As Vahan Avetisyan the director of  Armenian Motor Insurance Bureau has stated earlier, in 2016 all the necessary technical and procedural backgrounds were created so that from April 2017 CVI insurance certificates holders  could receive indemnifications from their insurance company. 

ArmInfo. Based on the results of 2016, the share of retail insurance in premium portfolios of Armenian insurers formed 57% (AMD 18,8 bln), and the corporate insurance share made 43% (AMD14,1 bln).