Rosgosstrakh: life insurance to be gradually introduced in Armenia

YEREVAN, February 1. /ARKA/. Life insurance will be introduced in Armenia not soon, said Vice-President of ROSGOSSTRAKH on strategic business development, member of shareholders’ board, curator of issues of Armenia Rafael Minasbekyan answering the questions of ARKA News Agency.

“We are ready to introduce life insurance in Armenia and we have enough experience in this sphere. We can introduce the model of life insurance even tomorrow and start to work”, he said in the International center “Novosti”.

Minasbekyan said that life insurance is “the best that can take place with insurance”, but it should be pushed forward by the State.

“Worldwide, life insurance – it is tax breaks and preferential accumulation of products”, he said.
According to Minasbekyan, this issue should not be forced and accelerated.

“We do not hurry anywhere. The main thing is that everything is normal, civilized and calm”, he said.

In accordance with the existing law “On insurance” in Armenia, the same company is not entitled to provide life and non-life insurance services simultaneously. For dealing with life insurance it is necessary to establish a new insurance company with new charter capital.

Today in the insurance market of Armenia eight companies are operating. Total assets of Armenian insurers as of September 30, 2011 were 28.8 billion drams, total liabilities – 14.1 billion drams, total capital – 14.7 billion drams. Net income of insurance companies in nine months was about 2.3 billion drams vs. net losses in the amount of 291.3 million drams in January-September 2010. –0–

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