YEREVAN, February 16, /ARKA/. Rafael Minasian, vice president of Russian Rosgosstrakh insurance company in charge of business development, told a news conference in Yerevan today that 15-16 insurance companies will be quite enough for Armenia. Rafael Minasian, who in Rosgosstrakh supervises Armenia related issues, said the top five companies should hold from 60 to 70% of the market. Currently there are nine insurance companies in Armenia

Gagik Grigorian, Rosgosstrakh-Armenia chief executive, said the company was satisfied with the pace of competition to win over car insurance buyers that has brought about what he described as ‘civilized work methods.’

According to ARKA data, the total assets of Armenian insurance companies stood at 23.8 billion Drams late last year. The top five companies were Rosgosstrakh-Armenia- 5.1 billion Drams, , Ingo-Armenia -4.2 billion Drams, Cascade Insurance -3.4 billion Drams, Nairi Insurance- 3 billion Drams and Rasco- 2.2 billion Drams

Gagik Grigorian said also sale of car insurances this year is likely to raise 10-12 billion Drams. He said Rosgosstrakh-Armenia’s insurance portfolio last year was worth 1.8 billion Drams and is expected to double this year.

Rosgosstrakh-Armenia insurance company has settled so far 350 cases involving car damages, having paid 55 million Drams as compensation.

The mandatory insurance against physical damage caused to other cars and individuals became mandatory in the country on January 1, in accordance with a government-drafted law passed by the Armenian parliament last year.

According to the government data, there are some 430,000 or so vehicles registered in Armenia. ($1 – 365.4 Drams).  -0-