Levon Altunyan: Live Insurance Service Will Be Offered In Armenia By

LEVON ALTUNYAN: LIVE INSURANCE SERVICE WILL BE OFFERED IN ARMENIA BY 2015

PanARMENIAN.Net
July 30, 2010 – 10:06 AMT 05:06 GMT

Executive Director of INGO-Armenia insurance company Levon Altunyan
said that 2-3 companies dealing with life insurance will appear in
Armenia by 2014-2015 as part of pension reforms’ implementation. And
all of them will be institutional investors, Altunyan told a
PanARMENIAN.Net reporter.

“It depends on reforms’ essence: if they draw our population’s
attention to a private capital, and people start insuring themselves
in private pension and insurance companies, the demand will generate
supply,” he said.

According to Altunyan, insurance companies of those countries, which
are traditionally strong in these fields – Switzerland, France,
Japan and Scandinavian countries – may display interest towards the
Armenian insurance market.

As for the project of the Central Bank of Armenia to increase the
minimum amount of capital of loan organizations, Altunyan said that
currently eight companies operate in Armenia, while after approval
of the project only 2-3 companies will leave the market. “The other
companies will operate irrespective of the amount of authorized
capital,” he noted.

Altunyan added that if foreign investors enter Armenia’s market for
life insurance, they will be institutional investors, and the amount
of authorized capital will hardly hamper their activity.

From: A. Papazian

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