Head of Nairi Insurance says Armenian insurance market consolidation inevitable

PanARMENIAN.Net - Consolidation of Armenian insurance market is inevitable, according to Executive Director of Nairi Insurance LLC.

In a conversation with a PanARMENIAN.Net reporter, Gor Khachatryan stressed specialization with more actors involved and consolidation as the two possible development scenarios of the insurance market.

The expert further named 2-3 companies as the optimal number of the insurance market actors to provide quality services through use of modern technology.

“Consolidation, doubtlessly, will continue,” Mr. Khachatryan said.

The expert noted lack of qualified personnel namely the absence of middle management as another problem Armenian insurance market faces.

On February 24, Ingo Armenia and Cascade Insurance have announced the launch of merging process.

“With our deal, insurance market acquires a large company with vast professional potential providing insurance services on a global level,” Ingo Armenia CEO said.

Levon Altunyan noted that the deal is expected to be finalized by the end of 2012 first quarter.