Sat, 26 July
28.1 C
Yerevan
USD: 383.94 RUB: 4.85 EUR: 450.25 GEL: 141.78 GBP: 516.63

Armenia’s insurance market contracts last year by 3%

YEREVAN, February 4, /ARKA/. Armenia’s insurance market contracted last year by 3%, deputy chief executive director of Cascade Insurance, Levon Mamikonian, told ARKA.

‘Virtually all insurance companies have already summed up their last year’s performance indicators and to our surprise, the situation appeared to be better than we expected as we experienced only a 3% decline,’ he said.

He said also insurance premiums collection in the first 9 months of 2009 fell to 5.8 billion Drams, from 6 billion Drams a year before.

“ We do not think that a tangible change is expected in this market this year, despite the fact that several large companies were insured late last year,’ he said, adding that only introduction of mandatory insurance may alter the satiation.

Total assets of 12 insurance companies operating in Armenia last year cost 17 billion Drams. Their profits amounted to 1.2 billion Drams while the amount of insurance premiums rose to 8.1 billion Drams. ($1-378.24 Drams). -0-

spot_img

POPULAR

A scheme for stealing funds through fake investment platforms  exposed in Yerevan

A criminal group operating in one of the capital's business centers and stealing citizens' money through Internet calls has been exposed in Armenia, the Investigative Committee of Armenia reports.

In Armenia, bad loans worth over $1 million have been written off under the state support program – Ministry of Social Affairs

14,757 applications for writing off bad loans have been received in Armenia within the framework of the relevant state support program, which started on February 1, 2025.

Fitch forecasts Armenia to tighten fiscal policy after 2027

Fitch Ratings analysts forecast a tightening of fiscal policy by the republic's authorities in a new report on Armenia.

Fitch expects inflation in Armenia to remain within the target level until 2027

International rating agency Fitch expects inflation in Armenia to remain within the target level until 2027, although soft fiscal policy and the projected moderate weakening of the dram create certain risks.

Ranking of most profitable banks in Armenia based on results of first quarter of 2025

ARKA news agency publishes the ranking of the most profitable commercial banks in Armenia based on the results of the first quarter of 2025.

LATEST NEWS

spot_imgspot_imgspot_img