Yerevan, October 10 /Mediamax/. Armenian President Robert Kocharian expressed hope that the German and French insurance companies will start functioning in the Armenian market by the end of the year.

As the special correspondent of Mediamax reports from Brussels, Armenian President said this on October 9, speaking during the Armenian-Belgian business-forum.

The President noted that lately “we have rid the insurance field from obstacles be means of toughening the legislation, so that only the companies, which really specialize in working in the insurance sector, are left in the market”. According to the President, the legislative reforms on modernization of the insurance sphere in Armenia are almost concluded.

Robert Kocharian noted that the HSBC-Armenia bank has also stated its intention to set up an insurance company in Armenia.