YEREVAN, November 20. /ARKA/. Aggregate Sum Insured in Armenian insurance companies exceeded 7 trln drams in the third quarter of 2012, chairman of the Association of Insurance Market Participants Andranik Ohanjanyan told a press conference Monday.

Armenian insurance market has changed a lot since November 19, 1996, when the country’s law about insurance was passed.

Aggregate sum insured was more than 7 trln drams in the third quarter of 2012, as compared to about 60bln drams in 1997, he said. Insurance bonuses were about 24bln drams in the second quarter of 2012 against 431.4mln drams in 1997.

Apart from this, the number of companies doing insurance business went down from 85 companies in 1996 to 20, after the first law about insurance was passed.

There are currently seven universal insurance companies operating in Armenia offering travel, health, liability, cargo insurance, compulsory car insurance, and etc. The Central Bank of Armenia has been monitoring the country’s insurance market since January 1, 2006.

Despite moderate profits, all seven insurance companies operating in Armenia keep developing the insurance market and insurance culture, Ohanjanyan said.

He pointed out that net profit of insurance companies was 487mln drams by the end of September 2012.

Financial reports of insurance companies for first half 2012 show that aggregate assets of Armenian insurers were 38.1bln drams as compared to 28bln drams in the beginning of the year; aggregate capital was 13.6bln drams against 13.3bln drams and total liabilities were 25.2bln drams as compared with 14.7bln drams. ($1=407.30drams). –0--