AUTHORIZED CAPITAL OF SIL INSURANCE TOTALS 231.5 MLN AMD

YEREVAN, APRIL 5. ARMINFO. Apr 1 the authorized capital of Sil
Insurance, one of the leading Armenian insurance companies, was
increased nearly fourfold to 231.5 mln AMD, says the company’s director
Levon Mamikonyan.

In 2004 the volume of the company’s insurance premiums grew by 35%
to 234 mln MD. The volume of compensations totalled 32.6 mln AMD –
100% growth against 2003 with the planned level being 79.5 mln AMD. In
2004 the company made 1,099 contracts worth a total of 57 bln AMD.
The net profit fell by 12% to 15.3 mln AMD against 17.4 mln AMD
in 2003 – this because of big volume of compensation. In 2004 the
company dealt with 94 insurance cases against 43 ones in 2003. In
several indices the company has gone 1-2 ranks up.

Mamikonyan says that Sil Insurance continues leading in car
insurance. Last year the company insured 2,960 cars with 452 contracts
made. In 2004 the company increased the number of realty deals –
540 against 183 in 2003. The growth in realty insurance is due to
developing mortgage crediting in Armenia, says Mamikonyan.

Cargo insurances is third in number of deals. In 2002 and 2003 the
company tested this product and in 2004 entered the open market –
95 deals in 2004 against 37 ones in 2003. 99% of the deals are for
international cargo operations. Yerevan Brandy Company, US Embassy
in Armenia, Ararat Cement Plant, Noy Wine-Brandy Plant and other big
companies are Sil Insurance’s clients in the sphere.

In 2004 the company reinsured 88.7% of insurance risks against 90%
in 2003. In reinsurance Sil Insurance cooperates with HSBC Brokers,
TRYG Baltika, Rosgosstrakh, Ingosstrakh and one of the biggest
reinsurance companies in the world French SCOR

Concerning plans Mamikonyan says that this year the company is going to
start providing travel and medical insurance services. Travel insurance
is yet a small market in Armenia. This is a very painstaking business,
says Mamikonyan. This market has been small because an average of
2,000 people have travelled outside the country until recently. But now
the interest is beginning to grow as is the number of travelers abroad.

In Armenia Sil Insurance actively cooperates with Armeconombank,
Artsakh and Prometey banks.

From: Emil Lazarian | Ararat NewsPress