Monday, February 28 2011 19:08

VTB Bank Armenia offers insurance policies on credit


ArmInfo. In Feb 2011 VTB Bank Armenia started offering its customers insurance policies (including voluntary insurance) on credit.

The press service of VTB Bank Armenia reports that policies can be bought in all of the bank's branches.

The bank consults customers on all questions concerning insurance. Here it cooperates with Rosgosstrakh-Armenia and INGO Armenia.

Head of the Retail Banking Department of VTB Bank Armenia Artak Khachatryan says that in Armenia banking and insurance businesses are being integrated into a single functional and organizational system. "In many countries banks are among the key agents selling insurance policies. The mentality of a financial service consumer implies simultaneous execution of several operations. Customers want their time to be saved. Until recently we have offered our customers only compulsory motor third part liability insurance but we have decided to start providing other services too. Today we are ready to insure real estate and vehicles and against accidents," says Khachatryan.

VTB Bank Armenia joined VTB Group in Apr 2004. Russia's second biggest bank, VTB Bank holds 100% of VTB Bank Armenia. Jan 1 2011 the bank's loan book totalled 85bln AMD (17% more than a year before). Feb 1 2011 the bank's clientele totalled 94,000 - 38,000 more than Feb 1 2010. The number of corporate customers redoubled to over 1,300 (130 of them are big companies).

According to the Ranking of Insurance Companies of Armenia prepared by the Agency of Rating Marketing Information (ArmInfo), in Jan-Sept 2010 Rosgosstrakh-Armenia and INGO Armenia were leaders in the amount of insurance premiums: 1.6bln AMD and 1.54bln AMD, respectively. In insurance of vehicles Rosgosstrakh-Armenia was the 1st with 367.6mln AMD, INGO Armenia - the 2nd with 371.5mln AMD; in property insurance INGO Armenia was the 1st with 575mln AMD, Rosgosstrakh-Armenia - the 2nd with 372mln AMD; in insurance against accidents INGO Armenia was the 1st with 67.2mln AMD, Rosgosstrakh-Armenia - the 3rd with 35.2mln AMD.
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