Yerevan/Mediamax/. Insurance market of Armenia is 15 years old today.

Executive Director of the Association of Insurance Market Participants of Armenia Andranik Ohanjanyan stated today that in 1995, the parliament approved the first law on “Insurance”. According to him, volume of insurance liabilities increased from 60bln AMD in 1997 to up to 3.25 trillion AMD for three quarters of 2010.

At that, the volume of insurance collections made 6.6bln AMD for three quarters of 2010, while in 1997, this index made 437mln AMD. Compensation in the accounting period made 1.3bln AMD, while in 1997 this index made 126mln AMD.

After approval of the first law on “Insurance” in Armenia, 20 companies have received license, however as of today there are 9 insurance companies functioning in the market. 

Practically all types of insurance services are provided in Armenia, except for life insurance. Andranik Ohanjanyan explained this by the law, which bans realization of life and non-life insurance activity by one and the same company.

“This means that in order to provide such services, one should create a new company with its own capital, employees, etc, which is expensive in conditions of Armenia”, Andranik Ohanjanyan stated.