Yerevan/Mediamax/. There is practically no insurance market in Armenia; however it has great potential for development.

Mediamax reports that President of “Rosgosstrakh” Group of Companies Danil Khachaturov, who is in Yerevan for a working visit, said this at a news conference today.

According to him, the insurance market of Armenia should make 2-3% of GDP. This is the index, which corresponds to developing countries of Eastern Europe. Danil Khachaturov noted that one of the factors, which contributes to development of the insurance market in Armenia, is the Compulsory Motor Third Party Liability Insurance (CMTPLI).

He informed that in order to realize works on CMTPLI in Armenia, “Rosgosstrakh” company opened 10 offices in Yerevan and 11 in the regional centers.

“Implementation of CMTPLI institute in Armenia will allow making insurance more comprehensible for citizens and will become a serious stimulus for development of voluntary types of insurance”, Danil Khachaturov stated.