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Ingosstrakh intends to develop Armenia's insurance market

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  • Ingosstrakh intends to develop Armenia's insurance market

    ITAR-TASS News Agency
    TASS
    March 11, 2004

    Ingosstrakh intends to develop Armenia's insurance market

    By Tigran Liloyan

    Russia's Ingosstrakh Insurance Company has acquired 75 percent of the
    shares of the Armenian insurance firm Efes, which accounts for about
    20 percent of the country's insurance market.

    Ingosstrakh General Director Vyacheslav Shcherbakov stated here on
    Thursday, "We expect to promote the development of the insurance
    market of Armenia." He said the decision to appear on the Armenian
    market is prompted, to a larger extent, by an active development of
    Russo-Armenian economic cooperation. Russian capital investments in
    Armenia have amounted to 200 million US dollars, with a number of big
    Russian companies operating in this country, Shcherbakov pointed out.

    "This is why a further economic development is impossible without a
    sizeable insurance component," Shcherbakov maintains. He is convinced
    that the insurance market here, despite its not large volume, has a
    considerable potential. The Ingosstrakh intends to take up the
    insurance of the property of Armenia's enterprises that have been
    turned over to Russia in repayment of the interstate debt, he said.

    The Russian company will also offer an extensive package of services
    in Armenia. These are regular products of Ingosstrakh, primarily the
    insurance of the property of natural persons and legal entities, air
    transportation, and liability car insurance. The latter is not
    compulsory in Armenia so far but the Ingosstrakh hopes that a
    respective law will also be adopted in Armenia soon.
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