YEREVAN, February 4, /ARKA/. Armenia’s insurance market contracted last year by 3%, deputy chief executive director of Cascade Insurance, Levon Mamikonian, told ARKA.

‘Virtually all insurance companies have already summed up their last year’s performance indicators and to our surprise, the situation appeared to be better than we expected as we experienced only a 3% decline,’ he said.

He said also insurance premiums collection in the first 9 months of 2009 fell to 5.8 billion Drams, from 6 billion Drams a year before.

“ We do not think that a tangible change is expected in this market this year, despite the fact that several large companies were insured late last year,’ he said, adding that only introduction of mandatory insurance may alter the satiation.

Total assets of 12 insurance companies operating in Armenia last year cost 17 billion Drams. Their profits amounted to 1.2 billion Drams while the amount of insurance premiums rose to 8.1 billion Drams. ($1-378.24 Drams). -0-