Thursday, April 17 2014 17:30

In 2013 Sil Insurance became most dynamically developing company in Armenia in terms of insurance premiums


ArmInfo. In 2013 Sil Insurance became the most dynamically developing company in Armenia in terms of insurance premiums. According to the Ranking of Insurance Companies of Armenia prepared by the Agency of Rating Marketing Information (ArmInfo), in 2013 Sil Insurance increased its portfolio by almost 70% to 2.5 bln AMD and took the lead in the growth rates of insurance premiums collected in 2013. By the amount of insurance premiums, the company held the 5th position in the market.

In 2013 the company's insurance portfolio grew mostly due to the insurer's aggressive policy in the health insurance segment. In this class the company's premiums totaled 535 mln AMD (over 18-fold growth versus 2012). "We have launched an aggressive sales policy. Under the given policy, we have opened 40 new sales points over the past 2 years. This has allowed us to considerably improve our positions in the market", says Hayk Baghramyan, CEO at Sil Insurance. He also points out that for the moment the company's branch network has nearly 60 sales points throughout Armenia. He adds that the insurance products of Sil Insurance are also available Armeconombank's branches, as well as at the sales offices of ArmenTel CJSC (Beeline brand).

Over the past few years, the company has essentially improved its positions in the automobile insurance segment. In 2013, Sil Insurance held the 2nd position in the market by the number of contracts, the 4th position by the amount of insurance premiums (322 mln AMD), and the 5th position by the number of contracts and amount of premiums in the segment of motor third party liability insurance (having risen by 1 position versus 2012).

By ArmInfo's Ranking, as of 1 Jan 2014, Sil Insurance's assets amounted to 3 bln AMD (6th position in the market), 15.8% more than as of 1 Jan 2013.

To note, Sil Insurance entered the Armenian insurance market in March 2000. The shareholders of the company are the Sukiasyans' family (80%) and Armeconombank (20%). In 2013 the company's network of agents had 487 individuals and 35 legal entities.
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