YEREVAN, June 30. /ARКА/. The two-year strategy for the development of the Compulsory Motor Third Party Liability insurance (CMTPL) sphere, approved in Armenia at the beginning of 2025, is an important step for the development of this market segment, said Armen Nurbekyan, Deputy Chairman of the Central Bank of Armenia, Chairman of the Board of the Auto Insurers Bureau, at an event dedicated to the 15th anniversary of the Bureau.
According to him, the Strategy for 2025-2026, based on technological solutions aimed at the future, includes important and ambitious points.
In turn, Vaghinak Yeghiazaryan, Executive Director of the Auto Insurers Bureau, noted that the Strategy, developed based on the results of 15 years of the organization’s activity, provides for comprehensive measures aimed at improving the quality of services provided.
“According to our vision, we plan to have the most secure and simple CMTPL system in the region. Among the values are reliability, consistency, partnership, improvement,” he said.
Among the short-term goals, as noted by Egiazaryan, the Strategy provides, in particular, for increasing the level of satisfaction of road users and victims; expanding the scope of standardization and automation of CMTPL partners; online information about medical services and decisions of law enforcement agencies; as well as the formation of appropriate resources in the Bureau of Motor Insurers to implement the set tasks.
“As a result, we plan that, in particular, the time for registering accidents and other processes will be reduced, the need for examinations will be eliminated, and an opportunity will be created to provide innovative and automated solutions,” he explained.
Speaking about the medium-term goals of the Strategy, the Executive Director of the Bureau of Motor Insurers named a decrease in the likelihood of an accident; expansion of the use of repair options; a gradual transition to CMTPL tariffs based on individual risks; stimulation of online processes; joining the international Green Card system (in case of the introduction of CMTPL in Georgia).
“The expected results are a reduction in the likelihood of accidents and an increase in online transactions,” he explained.
According to the Bureau of Motor Insurers, over 531 thousand CMTPL contracts were concluded in Armenia in the first 5 months of 2025 (an increase of 7.5% compared to January-May 2024), the volume of insurance premiums paid under them was 12.6 billion drams (an increase of 17.6%). During the reporting period, 34.8 thousand applications for compensation were submitted (a decrease of 3.4%), the volume of compensation paid was 9.02 billion drams (an increase of 5.1%). The average compensation amount is 268.4 thousand drams.
The Bureau of Motor Insurers was founded on June 28, 2010 by the decision of the Central Bank of Armenia. Currently, 6 insurance companies of the Republic of Armenia are members of the Bureau. The Institute of Compulsory Motor Third Liability Insurance (CMTPL) has been in effect in Armenia since January 1, 2011.
