Yerevan, December 10 /Mediamax/. Cascade Insurance Company’s paid up share capital increased for 200mln drams and made 618mln 640 thousand drams (over $2mln).

Mediamax reports that the General Manager of Cascade Insurance Garnik Tonoyan said this in Yerevan today. He noted that the increase of the paid up share capital evidences the confidence of the shareholders for the Company’s activity and the presence of long-term plans in the relation of the county’s insurance market. 65% of Cascade Insurance shares belong to Cascade Capital Holding, and 35% - to the European Bank for Reconstruction and Development (EBRD).

Garnik Tonoyan gave positive assessment to the recent legislative changes in the country’s insurance market, singling out the regulatory role of the Central Bank. He noted that as a result of the reforms realized, insurance companies with high capitalization have remained in the market.

Cascade Insurance has launched a 24 hour customer service call center, due to which over 7000 customers can operatively receive answers to all the questions of interest for them concerning medical insurance by means of the “call center”.

Executive Director of Cascade Insurance Levon Mamikonyan presented the results of the Company’s work in the course of 9 months of 2007. The volume of attracted payments exceeded 427mln drams, the number of insurance agreements made 1145. The Company paid insurance compensations at the sum of 88mln 600 thousand drams (1724 applications), most part of which falls on the share of medical insurance, the second place is occupied by car insurance.

Concerning the attracted payments, 12,4% of the insurance market of the country (3rd place in the market) falls on the share of Cascade Insurance, as to the payment of insurance compensations – 14,8% (second place in the market).

In the course of the 9 months of 2007, the profit of the company made over 23mln drams.