YEREVAN, February 22. /ARKA/. In 2009 insurance sector of Armenia provided 3-4% growth in total decline of economy of the country, said Garnik Tonoyan, Executive Director of insurance company “Cascade Insurance” during International Economic Forum “Bridge-2010” in Tsakhkadzor.

Positive results were achieved due to new companies entered Armenian market and income was gained by re-structuring in 2008.

Till 2008 in “Cascade Insurance” increase was registered, after which there was abrupt decline.

“In 2008 investments in infrastructure and insurance reserves were implemented and in 2009 the company had already high indicators”, said Tonoyan.

Crisis helped many insurance specialists become more productive managers.

“I hope that the year 2010 will be more successful from the point of view of profitability and stability”, said Tonoyan.

As of December 31, 2009 twelve insurance companies are operating in Armenia. Total assets of insurance companies were 17 billion drams versus 12.3 billion drams in 2008 (increase by 37.94%). Capital of insurance companies as of December 31, 2009 was 12.4 billion drams versus 8 billion drams in 2008 (increase by 53.91%). Profit of insurance companies was 967.1 million drams versus 724.8 million in 2008 (increase by 33.43%). ($1 – 381.75 drams).  --0--