Armenia’s insurance market is undervalued but has significant growth potential: Deputy Governor of the Central Bank

YEREVAN, June 4. /ARKA/. Armenia’s economy maintains high growth rates and macroeconomic stability, creating a favorable environment for insurance development, said Deputy Governor of the Central Bank of Armenia Armen Nurbekyan.

Speaking at the opening of the InsureTek Armenia 2026 international forum on Thursday, Nurbekyan noted that despite high volatility in the global economy and numerous external shocks, Armenia has managed to ensure sustainable development.

“Over the past five years, Armenia’s average annual real economic growth has exceeded 7%. GDP per capita has almost doubled in seven years—from approximately $4,000 to approximately $9,000. Inflation during this period was around 3-4%, which is in line with the Central Bank’s target,” Nurbekyan said.

He noted that the combination of high economic growth and price stability creates a predictable macroeconomic environment for international and local investors.

Underestimated Potential

Speaking about the insurance market, Nurbekyan acknowledged that the penetration rate of insurance services in Armenia remains relatively low.

“Looking at the insurance sector, the results are still quite modest. The level of insurance penetration in Armenia is low. However, the good news is that as the population’s well-being grows, demand for insurance products is beginning to increase,” he noted.

According to the Deputy Chairman of the Central Bank, the development of the insurance sector is a strategic priority. This will be facilitated, in particular, by the country’s high technological potential.

Key Areas

Nurbekyan identified several key areas for the development of the insurance market in Armenia. These include compulsory motor insurance, fraud and cyber risk insurance, and agricultural insurance.

“Agricultural insurance is a complex area, but we consider it extremely important. It is a strategic priority for both the Armenian government and the Central Bank,” he emphasized. Nurbekyan also noted the significant potential for the development of life insurance, which has not yet become widespread in the country.

About the Forum

The InsureTek Armenia 2026 International Forum is taking place in Yerevan on June 4. Participants include representatives of the Armenian and international insurance industry, technology companies, investors, and experts.

spot_img

POPULAR

Central Bank of Armenia named five key factors influencing inflation

In an interview with CivilNet, Armen Ktoyan, a member of the Board of the Central Bank of Armenia, listed five factors influencing inflation in the country.

Fitch Ratings affirmed Armenia’s rating at ‘BB-‘, maintaining a positive outlook

International rating agency Fitch Ratings has affirmed Armenia's long-term foreign and local currency Issuer Default Ratings (IDRs) at 'BB-' with a Positive Outlook.

Fitch: Armenia’s International Reserve Adequacy to Remain Below That of Similar-Rated Countries by 2028

Armenia's international foreign exchange reserves have reached a record high, but their sufficiency to cover the country's external needs in the medium term will remain below the average for countries with similar credit ratings, according to a report by the international rating agency Fitch Ratings.

Armbanks Weekly Digest: Key Events in the Armenian Financial Market (July 6–12)

The week in Armenia's financial market was marked by accelerating annual inflation and activity in the government and corporate securities markets.

Unibank to Raffle a Trip to Italy

Unibank announces the launch of a special campaign, "More Opportunities with Unibank Mastercard World Travel Card."

LATEST NEWS

spot_imgspot_imgspot_img