Despite insurance traditionally being one of the main pillars of financial markets, in Armenia it appears to be only in its developing stage, leaving banking system to be an undisputed leader in the sector.
Insurance market in Armenia started developing in the 1996, when the government adopted the first law on insurance. Currently, it is operating under the Central Bank of Armenia, which actively introduces number of initiatives to stimulate market growth and maturing. The most prominent of those, was the compulsory insurance of civic responsibility risen from employment of motor vehicles. Moreover, CMTPL accounts roughly for the half of total written premiums then come health, property and CASCO insurances. Market leader in gross written premiums is Ingo Armenia, while Rosgosstrakh recorded the most claims in 2019.
More comprehensive information on insurance market of Armenia, is available in the Armenian version of this article.