Economic crisis affects Armenian insurance market

PanARMENIAN.Net - The global economic crisis affected the Armenian insurance market, brining the volume of uncollected insurances of INGO ARMENIA Insurance CJSC to AMD 200 million.



Nevertheless, company director Levon Altunyan is pleased with the last year's index.



"The company has collected bonding premiums to the amount of AMD 2 billion, what exceeds the 2007 index by AMD 700 million and makes 28 per cent pf the Armenian insurance market. At that, the amount payable on settlement comprised AMD 700 million," Mr. Altunyan told a PanARMENIAN.Net reporter.



Summarizing the outcomes of the year, he said that INGO ARMENIA maintains leading positions in the Armenian insurance market.



He also informed that the company will provide insurance mixes, which will be comparable with the salary of a field employee.



INGO ARMENIA Insurance CJSC was established in 1997. On December 2003 the 75% of the Company's shares were purchased by "INGOSSTRAKH" Russian Insurance OJSC. The financial audit of the companies which are a member of the Group is realized by "Ernst & Young Audit" company. The total authorized capital of the Group forms about 2 billion USD. INGO ARMENIA Insurance CJSC cooperates with the leading reinsurance companies with the purpose of reinsuring the underwritten risks.