YEREVAN. November 24. \/ARKA\/. The minimal benchmark raised recently for insurance companies\u2019 authorized capitals is expected to lead to substantial changes on insurance market, Yermonia Vardevanyan, executive director of Alfa-Insurance Company, said Monday in an interview with ARKA News Agency.<\/p>\n
The Central Bank of Armenia has raised the lower benchmark of Armenian insurance companies\u2019 authorized capital from present AMD 500 million to 1.5 billion after January 1, 2010.<\/p>\n
Vardevanyan thinks this decision will force Armenian insurers to merge.<\/p>\n
\u201cI think substantial changes will be seen on the market soon\u201d, she said. \u201cThe new demand will take force in early 2010.\u201d<\/p>\n
\u201cWhat for Alfa-Insurance, our company\u2019s capital is up to the set norm, and shareholders are now considering room for enlarging it,\u201d Vardevanyan said.<\/p>\n
She said that the company\u2019s financial indicators rose considerably, compared with the previous year.<\/p>\n
\u201cInsurance premiums grew five times and losses shrank 90%. I think the company will retain the pace of premium and profit growth this year.\u201d<\/p>\n
According to Alfa-Insurance\u2019s financial reports, the company\u2019s authorized capital amounted to AMD 1 billion by late September, as a year earlier, and assets grew 2.2% or by AMD 22.1 million to from AMD 1.008 billion in late 2008 to AMD 1.031 billion in late September.<\/p>\n
Twelve insurance companies are functioning in Armenia now.<\/p>\n
The country\u2019s insurance market is under the Central Bank of Armenia. -0—<\/p>\n","protected":false},"excerpt":{"rendered":"
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