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

VTB (Armenia) Offers Package Offer for Sole Proprietors

VTB (Armenia) has launched a package offer for sole proprietors, including a current account, a business card, and a remote banking system.

Net inflow of remittances to Armenia from abroad increased approximately 2.7-fold in four months

The net inflow of cross-border transfers to individuals in Armenia, received from abroad through the Armenian banking system, amounted to $728.1 million in January-April 2026, compared to $273.4 million in January-April 2025, according to a report from the Central Bank.

Armenia could become a platform for implementing insurance technologies and AI solutions: head of the Bureau of Motor Insurers

Armenia could become a practical platform for testing and implementing modern insurance technologies and solutions based on artificial intelligence.

State Revenue Committee of Armenia discussed tax regulation of crypto assets with market participants

The State Revenue Committee of Armenia held a discussion with market participants on tax regulation of the cryptocurrency sector, the press service of the State Revenue Committee of Armenia reported.

Continuous liquidity and fair pricing must be ensured in the Armenian foreign exchange market — Central Bank

One of the main tasks of the Central Bank of Armenia is to ensure continuous liquidity and fair pricing in the foreign exchange market, stated Martin Galstyan, head of the regulator.

LATEST NEWS

spot_imgspot_imgspot_img