YEREVAN, December 25. /ARKA/. “Insurance market of Armenia is still in embryonic state”, said Aram Piruzyan, Executive Director of insurance company “London-Yerevan” to the journalists of ARKA.

Now it is difficult to prognose in what direction this market will be developed. “There is still no competition in insurance market of Armenia. It is reflected only in the reduction of insurance tariffs and it is not considered healthy competition”, he said. It assumes comprehensive policy – improvement of service, introduction of literate marketing and expansion of the market on the account of segments of economy and consumers.

“Today competition is limited by “attracting” the clients of other companies through insurance tariffs. In its result, low prices are formulated in the market and business loses its sense”, he said. Market will solve all the problems on the benefit of its participants and clients itself by participation of detailed, planned and careful state intervention. As of September 30, 2009, 12 insurance companies are operating in Armenia.

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