ECONOMIC CRISIS AFFECTS ARMENIAN INSURANCE MARKET

PanARMENIAN.Net
16.02.2009 20:10 GMT+04:00

/PanARMENIAN.Net/ The global economic crisis affected the Armenian
insurance market, brining the volume of uncollected insurances of
INGO ARMENIA Insurance CJSC to AMD 200 million.

Nevertheless, company director Levon Altunyan is pleased with the
last year’s index.

"The company has collected bonding premiums to the amount of AMD 2
billion, what exceeds the 2007 index by AMD 700 million and makes
28 per cent pf the Armenian insurance market. At that, the amount
payable on settlement comprised AMD 700 million," Mr. Altunyan told
a PanARMENIAN.Net reporter.

Summarizing the outcomes of the year, he said that INGO ARMENIA
maintains leading positions in the Armenian insurance market.

He also informed that the company will provide insurance mixes,
which will be comparable with the salary of a field employee.

INGO ARMENIA Insurance CJSC was established in 1997. On December 2003
the 75% of the Company’s shares were purchased by "INGOSSTRAKH" Russian
Insurance OJSC. The financial audit of the companies which are a member
of the Group is realized by "Ernst & Young Audit" company. The total
authorized capital of the Group forms about 2 billion USD. INGO ARMENIA
Insurance CJSC cooperates with the leading reinsurance companies with
the purpose of reinsuring the underwritten risks.

From: Emil Lazarian | Ararat NewsPress