Armenia Has Lowest Premium Income In South Caucasus

YEREVAN, MAY 3. ARMINFO. For lack of automobile liability insurance
Armenia has the lowest premium income in the South Caucasus, says
executive director of the First Insurance company Paylak Gukassyan.

Meanwhile automobile liability insurance can significantly stimulate
Armenia's insurance market development and give it big profits.
Gukassyan hopes that already this year the government will draft a
relevant bill for the parliament's consideration.

He says that his company specializes in insuring tourists - 3,000
policies a year this including medical insurance. The policy costs
$5-6 but the company is considering its raise given the growing
number of claims and compensations in the last year. The company
cooperates with 30 travel agencies and international organizations.
Its reinsurance is carried out at LLOYD'S (UK).

According to ARMINFO's Ranking of 11 Leading Insurance Companies
of Armenia, the First Insurance company is 8th in assets - 170.1
mln AMD, 7th in collected insurance premiums - 101.3 mln AMD, 7th
in paid insurance compensation - 12.1 mln AMD, 3rd in net profit -
20.3 mln AMD. The company's authorized capital totals 78 mln AMD.