GARANT-LIMENS EXPANDS ITS POSITIONS

ArmInfo
2009-04-21 21:19:00

The insurance company "Garant-Limens" specializing in insurance of
medical risks is expanding its positions due to new service – insurance
for those going abroad. The decision on providing Garant-Limens with
licence for the given insurance class was taken at April 21 sitting
of Board of the Central Bank of Armenia (CBA).

Director of Garant-Limens Levon Minasyan told ArmInfo that the
company has changed the strategy of development to diversify the
risks, particularly, it is envisaged to decrease the share of medical
insurance in the portfolio to 70% (by almost 30%) within the next
3 years.

According to Minasyan, to provide full-fledged services to clients
outside Armenia, Garant-Limens has already concluded an agreement
with the French AXA Group, assistance services will be provided by
AXA Assistance company.

"The company’s insurance policy is not cheap, it costs thrice as
much as the average market one. This is conditioned by the company’s
serious intention to provide high quality services",- Minasyan said.

According to ArmInfo data, Garant Limens has been operating in the
market since 1999. It has licence for 7 insurance classes, 3 of them
being launched (insurance of medical risks, vehicles and accidents).

According to the Ranking of Insurance Companies of Armenia prepared
by ArmInfo, in 2008 Garant-Limens collected premiums worth 154.4
mln AMD and held the 8th position among 10 insurance companies in
operation. The company’s volume of redemptions exceeded 60 mln AMD.