Nairi Insurance, a veteran of Armenia’s insurance industry, celebrates its 30th anniversary

Nairi Insurance, the oldest company in Armenia’s insurance market, celebrated its 30th anniversary on April 10.

The festive evening was held at the Alexander Spendiaryan National Academic Theater of Opera and Ballet and brought together more than 300 guests, including ambassadors accredited to Armenia, senior representatives of the Central Bank of Armenia, executives of leading Armenian companies, and special guests from abroad. The evening was imbued with a strong national spirit, with every detail reflecting the company’s achievements and its commitment to long-standing principles.

How it all began

The history of Nairi Insurance dates back to 1996. Following the collapse of the Soviet Union, the state insurance system that had been built over decades also disintegrated. Between 1991 and 1996, more than 80 insurance companies operated in Armenia. The sector remained largely unregulated and uncontrolled, with companies emerging and dissolving spontaneously. The year 1996 became a turning point in the formation of the market. A separate structural subdivision – the Insurance Inspectorate – was established within the Ministry of Finance of the Republic of Armenia.

On November 19, the Law “On Insurance” was adopted (a date now marked as Insurer’s Day), followed on November 29 by the Government Resolution “On Regulating the Activities of Insurance Organizations Operating in the Territory of the Republic of Armenia.” These developments laid the foundation for a state-regulated insurance market.

Against this backdrop, on April 10, 1996, the “Nairi 96” insurance company was founded with symbolic capital, a team of just 2-3 employees, and a limited client base. In 2008, “Nairi 96” was renamed and became Nairi Insurance.

Modern Nairi

One of the key milestones in the history of Nairi Insurance was its rebranding. The company entered 2021 transformed: not only did its brand colors change, but its communication style also became more open and accessible. A new logo, a new slogan – “It’s safe with us” – and ambitious programs marked this new phase. 

While much has evolved at Nairi Insurance, its core principles and founding promises have remained unchanged: to stand by the client, to protect what matters most, and to operate with transparency and fairness.

Over the past three decades, Nairi has faced numerous challenges. Like all financial institutions, it has been highly sensitive to global and regional developments. However, Nairi Insurance has consistently demonstrated the ability to make timely and effective decisions – allowing it not only to maintain stability in the market, but also to ensure continuous progress and growth.

Market leader Nairi

According to the results of the 2025 fiscal year, Nairi Insurance is the market leader in terms of the volume of insurance premiums collected.

The company, nearly as old as the independent Republic of Armenia, has consistently ranked among the top three players in the industry for many years and holds a leading position across several insurance segments.

Nairi is the only insurance company in Armenia to have received an international B1 rating with a stable outlook from the prestigious Moody’s. This rating reflects the company’s financial stability, transparent operations, and strong development prospects.

From a team of just 2-3 employees at its founding, the company has grown to around 250 staff members today. Its customer base exceeds 230,000, while its network of partners has expanded to approximately 5,000.

A birthday marked by an elegant on-stage dinner in a national atmosphere

Trust, security, and experience formed the core concept of the anniversary evening of Nairi Insurance, built around the company’s three decades of history, with each decade carrying its own meaning.

The opera hall of the Alexander Spendiaryan National Academic Theater of Opera and Ballet was completely transformed: guests were seated on the stage itself, as the evening’s central message of gratitude was directed to them – the people whose trust has sustained Nairi for 30 years. The hall, in turn, became a unique performance space, featuring engaging ballet and opera pieces, as well as performances by the symphony orchestra conducted by Vardan Grigoryan. 
The special evening also featured a performance by renowned singer Tiziano, who had arrived from France.

Notably, the evening avoided lengthy speeches: remarks were brief and purposeful, focusing on highlighting achievements to date while setting the direction for future goals.

“This is just the beginning”

Vahagn Khachatryan, Chairman of the Board and shareholder of Nairi Insurance

The company’s success lies in its team, and today I would first like to thank our team, whose work you have already seen – and will continue to see in the results we achieve. This is just the beginning. We still have a long way to go, and our ambitions are serious and far-reaching.

“A company’s capital is not measured by numbers alone”

Mane Martirosyan, Executive Director of Nairi Insurance

The success of a business cannot be measured solely by numbers, financial results, or sales. Insurance is a people-centered business, and its success must also be measured by the capital we have built over the years – human relationships, partnerships, and, most importantly, trust.

“It is very difficult to endure for 30 years”

Armen Nurbekyan, Deputy Governor of the Central Bank of Armenia

The insurance business is one of the most complex sectors, and sustaining operations for 30 years – especially in developing countries like Armenia – is no easy task. Someone once noted an important distinction: a customer goes to a bank on their own, while in insurance, the company often has to go to the customer. In that sense, it is a challenging field, but also one of the most interesting and fundamentally important.

I wish Nairi Insurance continued rapid development, while preserving its core values – so much so that the Central Bank does not catch up with you.

“Nairi Insurance deserved our choice in the market”

Ludovic Lambolez, Head of Partnerships and Reinsurance at AXA Health International

The 30th anniversary is a significant milestone. Unlike many others in the industry, Nairi Insurance has not experienced regression at any stage – it has developed steadily and consistently. With AXA’s 45-year history in the insurance sector, I can say with confidence that this path is never easy. The industry is full of uncertainty and instability, yet Nairi has demonstrated that it truly deserves to celebrate its 30th anniversary on such a scale.

My role at AXA is to make the right choices. As you know, AXA operates across Latin America, Asia, and many other regions worldwide. At the same time, we are highly selective in choosing both markets and partners. I can confidently say that Nairi Insurance fully deserved our choice in the market.

“The next 30 years will be ours as well”

“We promise to always stand by your side. We promise to be your peace of mind in uncertain times. We promise to protect what is most valuable to you – not only through contract clauses, but with genuine care. We promise to turn our commitments into long-term partnerships…”

These words, included in the invitations to Nairi Insurance’s anniversary celebration, were not merely well-crafted marketing messages, but a reflection of the company’s guiding principles, strategy, and long-term vision.

At Nairi Insurance, the message is clear: “The past 30 years were ours – and the next 30 will be ours as well.”