CASCADE CAPITAL HOLDINGS AND EBRD ARE PLANNING TO SET UP THE FIRST LIFE INSURANCE COMPANY IN ARMENIA

ArmInfo
2007-06-14 13:41:00

The shareholders of Cascade Insurance, Cascade Capital Holdings and
European Bank for Reconstruction and Development, are considering
the possibility of setting up the first life insurance company in
Armenia, Cascade Life, says Levon Mamikonyan, the director of Cascade
Insurance, the only insurance company in Armenia that has retained
its life insurance license.

The new legislation says that life and non-life insurance should be
separated. Still, there are a number of moot points, particularly,
the minimum size of authorized capital for a life insurance
company. Hence, Cascade Capital Holdings should first see if this
project is feasible. "In Armenia we insure life for a short term only,
while in other countries life insurance is an accumulative long-term
service," says Mamikonyan.

According to ArmInfo’s Ranking of the Leading Insurance Companies of
Armenia, in Jan-Mar 2007 Cascade Insurance’s life insurance premiums
totaled 1.1mln AMD, life insurance compensations 5.4mln MD. The
company made 39 life insurance contracts during the period.