The company “Ingo Armenia” seeks a foreign partner for to enter the market of agricultural insurance

YEREVAN, October 14. /ARKA/. Entry to agricultural insurance market for insurance company INGO Armenia will be available when a partner in the person of foreign organization will be ready for joint advancement of this product in the market, said Executive Director of insurance company INGO Armenia Levon Altunyan.

“I hope that through many international organizations expressing interest towards agriculture in Armenia, we could manage to advance this product from the point of view of its public application”, said Altunyan answering to the questions of ARKA News Agency.

The company is already developing programs and tariffs for agricultural insurance and discusses the options for advancement of this product to the market.

“However, agricultural insurance has its specification and we should take it into account. Insurance company cannot insure some markets into one market in a risky region. In order to average the risk, and for its diversification, it is necessary to cover large territories, volumes and a great number of clients”, said Altunyan.

Without the support of the State, local self-governance bodies, international financial structures which would like to gain stability in the market of agricultural products and agriculture which will be very difficult.

“It will require a lot of time till our educational activities will be effective”, he said.

“INGO Armenia” is established in 1997 as Closed Joint Stock Insurance Company “Efes”. In 2003 the main portfolio of the shares of the company obtained Russian company “INGOSSTRAKH” after which it was renamed “INGO Armenia”. Currently “INGO Armenia” is working according to the license of Armenian Central Bank which gives opportunity to the company to implement activity by 12 types of non-life insurances.

The company reinsures its insurance package in leading reinsurance companies such as German Munich Re and ACE, French SCOR, American AIG and Chub Insurance Group, Polish Re and Russian INGOSSTRAKH.---0—