YEREVAN, August 25. /ARKA/. The number of insurance companies in Armenia is expected to reduce over a period between 2016 and 2018 because of mergers or portfolio handovers, the Central Bank of Armenia says in its report ‘Possible Developments of Armenia’s Banking Sector in 2016-02018’ based on programs of prospective development of Armenian insurance companies.
According to the report, several flagship companies will continue operating at the country’s insurance market, while other companies will occupy lower-level niches here.
New types of obligatory insurance will be introduced in Armenia, particularly mandatory medicare insurance.
Prices at the insurance market will be driven down by the growing competition among insurance companies.
A stage-by-stage introduction of the institution of insurance actuaries is expected in Armenia in 2016-2018.
Insurance companies don’t rule out that the central bank will make some changes in legal acts in 2016-2018.
Armenian insurance companies’ assets totaled AMD 40.2 billion in late June 2016 after growing 3.5% since the beginning of the year and liabilities AMD 22.1 billion showing a2% decline.
Their capital amounted to AMD 18 billion (11% growth).
As many as six insurance companies operate in Armenia now. ($1 – AMD 474.25). –0—
