Life insurance to develop in Armenia related to pension reforms
26.11.2011,
16:33
Life insurance, of course, will develop in Armenia, but the question is when it will happen”, said first Deputy of Executive Director of the insurance company “INGO Armenia” Arevshat Meliksetyan.
YEREVAN, November 26. /ARKA/. Life insurance, of course, will develop in Armenia, but the question is when it will happen”, said first Deputy of Executive Director of the insurance company “INGO Armenia” Arevshat Meliksetyan.
“Now, when Armenia moves to multi-level pension system, its introduction is difficult to imagine without life insurance”, he said in his interview to ARKA News Agency.
The process of pension reforms started since January 1, 2011 in Armenia through the introduction of volunteer accumulative pension system. From January 1, 2014 accumulative pension system will be introduced in mandatory order where the citizens born after January 1, 1974 will be included.
Meliksetyan said that life insurance is the type of insurance which by the volumes of insurance premiums makes 65-70% worldwide.
“In other works, the world pays more for life insurance than for other types of insurance”, he said.
In practice, there are different types of life insurance, including insurance of the child’s life till his full age.
Taking into account that Armenian legislation does not allow the same company to provide life insurance and other types of insurances, investors are not interested in the life insurance market.
In accordance with the law “On insurance” operating in Armenia, the same company is not entitled to render life insurance and non-life insurance services. For dealing with life insurance it is necessary to establish a new insurance company with new charter capital.--0--
“Now, when Armenia moves to multi-level pension system, its introduction is difficult to imagine without life insurance”, he said in his interview to ARKA News Agency.
The process of pension reforms started since January 1, 2011 in Armenia through the introduction of volunteer accumulative pension system. From January 1, 2014 accumulative pension system will be introduced in mandatory order where the citizens born after January 1, 1974 will be included.
Meliksetyan said that life insurance is the type of insurance which by the volumes of insurance premiums makes 65-70% worldwide.
“In other works, the world pays more for life insurance than for other types of insurance”, he said.
In practice, there are different types of life insurance, including insurance of the child’s life till his full age.
Taking into account that Armenian legislation does not allow the same company to provide life insurance and other types of insurances, investors are not interested in the life insurance market.
In accordance with the law “On insurance” operating in Armenia, the same company is not entitled to render life insurance and non-life insurance services. For dealing with life insurance it is necessary to establish a new insurance company with new charter capital.--0--
