Wednesday, April 5 2017 14:55
Karine Melikyan

Compulsory Vehicle  Insurance "direct payout"tool  launched on April 1 2017 in Armenia

Compulsory Vehicle  Insurance "direct payout"tool  launched on April 1 2017 in Armenia

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. 

Afterwards it returns the sum of progress from insurance company, where the car caused damage to the driver, is insured. So, car owners during the period of the agreement term in case of insurance will have to deal with their insurance company.  This will allow to increase insurance contracts service quality, and renew the principle "Every insurance company serves its own client".  He added that in the result of process optimization the terms of conducting expertise and payouts of CVI reduced almost for 2-3 times: from April 1 2017 by simplified reimbursement takes  6-17 days versus recently active 9-81 days, by standard reimbursement  -  10-41 days versus recent 16-119 days. Avetisyan noted also that the maximal entrance of payment of injured  persons  is also increased in one case: earlier implemented 10 mln AMD to 33 mln AMD from April 1 2017, and the size of payout of material loss for all injured  people in one insured  case is increased from April 1 2017 to  18 mln AMD from 1.8 mln AMD. 

At that, for one injured  person in one insuring case maximal entrance of payout and size of property damage or loss reimbursement  are saved at the level of respectively 3.3 mln and 1.8 mln AMD. With that, all the documents are harmonized  in CVI sphere, particularly samples  of statements , notifications, expert conclusions, requests etc  subject to be implemented. This will give the option for uses r to receive complete information, regardless of what insurance company he is served by. He stressed that the  changes listed are being spread on all agreements of CVI .

Direct payout implementation will give the option for   car owners to choose the insurance company depending  on quality of service, efficiency of payouts, impartiality of damages  estimates. The availability of these factors will provide healthy competition between insurance companies, which , in his turn, will bring the process of insuring payments to a new level" Avetisyan thinks.  According to  Armenian Insurance Companies Ranking data, prepared by ArmInfo IC, there are 6 insuring companies in Armenia, which work on 17 classes of insurance from existing 19 classes, except insurance of railway transport of judicial and extrajudicial spending. The total extent of insuring payouts is 14.2 bln AMD. Among the structures of insurance prizes  and payouts traditionally dominates OSI correspondently 55.3% and 62 %(18.2 bln and 8.8 bln AMD). In 2016 the dynamic of prizes and payouts of OSI came out of 1.1-12.7% decrease to 3.5- 3.4% growth. On the extent of prizes and payouts in OSI segment the leaders are  RosGosstrakh  Armenia and Ingo Armenia.

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