INSURANCE COMPANIES OF ARMENIA RETURN TO PRE-CRISIS LEVEL IN LATE 2009

ArmInfo
25.02.2010

ArmInfo.Twelve insurance companies in Armenia returned to the
pre-crisis level in late 2009 and even ensured positive dynamics. In
particular, the premium collection grew 4% per year to 8.1 billion
drams, including 4 billion drams was invested in reinsurance, the
quarterly report by the Armenian Central Bank says.

The source reported that the companies provided 1.9 billion drams
compensations for 2009, and the share of reinsurance was 890.6
million drams.

Total assets of insurance companies reached 17 billion drams on Dec
31 2009, growing 45% per year. The share of fixed assets in total
was 624 million drams and cash assets – 238 million drams.

Summary total capital of the 12 insurance companies amounted to
12.3 billion drams growing 64% per year. Aggregate retained profit
of 12 insurance companies grew 25% over the year under review to
776 million drams. As a result, retained profit totaled 1 billion
drams. Insurance reserves of the local insurance companies grew 27%
per year to 2,7 billion drams.

The source reported that the valid contracts numbered 50646 on Dec
31 2009 and the amount of coverage totaled almost 4 trillion drams.