EBRD EXPRESSES READINESS FOR FINANCIAL PARTICIPATION IN CAPITAL OF ONE OF
INSURANCE COMPANIES OF ARMENIA

YEREVAN, NOVEMBER 24. ARMINFO. European Bank of Reconstruction and
Development expressed readiness for financial participation in the
capital of one of the insurance companies of Armenia. Deputy Minister
of Finances and Economy of Armenia David Avetisian told ARMINFO.

According to him, many international financial organizations have begun
to show serious interest in the Armenian insurance market. A number of
international, regional financial organizations intend to implement
insurance in Armenia to create joint ventures, the deputy minister
noted. On the whole, a progress is seen in the insurance market of the
country today – some 95% growth is registered regarding practically
all the main indices of the market. For example, on the results of
the first half of the current year the volume of insurance premiums
grew by 95.8%, insurance reserves increased by 27.6%. The increase
of these indices supposes increase of the extent of reliability of
the activities of the companies working in the insurance sector.

He noted that the insurance is already considered an attractive sphere
of business in Armenia. Despite the considerable restriction of the
requirements to insurance companies, their number has increased. The
deputy minister informed that only during the last month the Ministry
of finances and economy has granted licenses to 3 insurance – “Elite
insurance”, “RASKO” and “HF”, as well as to one brokerage of the
company. Moreover, about a week ago two more companies have appealed
to the Ministry of finances and economy of Armenia for getting a
license. Thus, till the end of the current year the total number of
the companies will reach 26 against 21 at the beginning of the year,
which is the proof of the growth of the interest in insurance and
increase of the competition in the market.