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.
