KAZAKH INSURANCE COMPANY “EURASIA” ENTERS INSURANCE MARKET OF ARMENIA

YEREVAN, AUGUST 12. ARMINFO. The Armenian insurance company Sil
Insurance has signed an agreement of cooperation with Kazakh insurance
company Eurasia today.

Speaking at a press-conference Acting Executive Director of Sil
Insurance Hayk Baghramyan said this agreement will allow the company
to provide new insurance services in the sphere of medicine and
financial sector. It is not known yet how the risks will be shared by
the companies as this issue is still discussed, Baghramyan said. In
her turn, Vice Chairman of Eurasia Board Larisa Slabkevich said the
company occupies the first place among 36 insurance companies in
Kazahkstan as to insurance premiums. In connection with dynamical
development of insurance market in Kazakhstan, the company has
accumulated much sum to invest part of it in Armenia to expand
the spheres of its services. Slabkevich did not mention the sum of
investment. She stated that Eurasia is ready to secure its presence in
Armenia either by opening of a branch or by attraction of investments
in Sin Insurance. Eurasia provides insurance services in the territory
of Russia, Ukraine and Georgia.

A. Baghramyan says as of August 1 2005 insurance premiums of Sil
Insurance were 72 mln AMD ($160,000) or 20% of Armenia’s insurance
market, with insurance payments totaling 52 mln AMD. On the whole,
the company established in 2000 with 231.5 mln AMD authorized capital
concluded 874 contracts on insurance of various types of risks for 18.5
bln AMD. 55% of these contracts was the share of property insurance,
45% – car insurance.

It should be noted that Eurasia was created in 1995. By the end of
2004, its authorized capital was $49 mln. In 2004 insurance premiums
totaled $51 mln or 300% of the total sum of insurance premiums in
the country.