Rosgosstrakh Armenia controls about 36% of car insurance market

13.06.2011 15:54
Rosgosstrakh Armenia controls about 36% of car insurance market

YEREVAN, June 13. / ARKA /. Rosgosstrakh Armenia insurance company controls about 36% of the car insurance market in Armenia, the company’s director general Gagik Grigorian said.

"Overall the company controls about 27% of the insurance market," he said Saturday during a seminar organized by the company for the media.

Grigorian said about 80% of the company’s portfolio are car insurance contracts. According to him, the company paid 620 million drams in insurance payments over the first five months of this year and collected about 4 billion drams in insurance premiums, but the figure dropped by 3.7 billion drams after part of contacts were terminated.

He also confirmed official road police reports that the number of accidents has risen sharply after the introduction of mandatory car insurance.

"However, before the introduction of mandatory car insurance motorists tried to solve the problem themselves before the arrival of traffic police," he said.

According to the National Statistical Service of Armenia, 178 road accidents were reported in April, by 31% more than in the same period of 2010.

The mandatory insurance against physical damage caused to other cars and individuals became mandatory in the country on January 1, 2011 in accordance with a government-drafted law passed by the Armenian parliament last year. According to official numbers, there are about 430,000 vehicles in Armenia. ($ 1 - 376.76 AMD). -0-


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