The Company "Ingo Armenia" Seeks A Foreign Partner For To Enter The

THE COMPANY “INGO ARMENIA” SEEKS A FOREIGN PARTNER FOR TO ENTER THE MARKET OF AGRICULTURAL INSURANCE

ARKA
Oct 14, 2011

YEREVAN, October 14. /ARKA/. Entry to agricultural insurance market
for insurance company INGO Armenia will be available when a partner in
the person of foreign organization will be ready for joint advancement
of this product in the market, said Executive Director of insurance
company INGO Armenia Levon Altunyan.

“I hope that through many international organizations expressing
interest towards agriculture in Armenia, we could manage to advance
this product from the point of view of its public application”,
said Altunyan answering to the questions of ARKA News Agency.

The company is already developing programs and tariffs for agricultural
insurance and discusses the options for advancement of this product
to the market.

“However, agricultural insurance has its specification and we should
take it into account. Insurance company cannot insure some markets
into one market in a risky region. In order to average the risk, and
for its diversification, it is necessary to cover large territories,
volumes and a great number of clients”, said Altunyan.

Without the support of the State, local self-governance bodies,
international financial structures which would like to gain stability
in the market of agricultural products and agriculture which will be
very difficult.

“It will require a lot of time till our educational activities will
be effective”, he said.

“INGO Armenia” is established in 1997 as Closed Joint Stock Insurance
Company “Efes”. In 2003 the main portfolio of the shares of the company
obtained Russian company “INGOSSTRAKH” after which it was renamed
“INGO Armenia”. Currently “INGO Armenia” is working according to
the license of Armenian Central Bank which gives opportunity to the
company to implement activity by 12 types of non-life insurances.

The company reinsures its insurance package in leading reinsurance
companies such as German Munich Re and ACE, French SCOR, American
AIG and Chub Insurance Group, Polish Re and Russian INGOSSTRAKH.

From: A. Papazian

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