ROSGOSSTRAKH Armenia - first local insurer surpassing the 1 million MTPL policies

12 November 2015 — Daniela GHETU
ROSGOSSTRAKH Armenia, a subsidiary of Russian Rosgosstrakh insurance company, has announced it is the first player of local market surpassing 1 million mandatory MTPL policies sales. The company sees this performance as the result of the the high level of citizens' trust in their services. 

According to the Armenian Car Insurers Bureau data, ROSGOSSTRAKH Armenia is the MTPL segment's leader not only in the sales terms, but also in what regards the number and the amount of paid compensations over five years, since the mandatory MTPL insurance law enactment. Thus, throughout this period the company managed 106,000 car accident claims files, paying insurance compensation claims to more than 71,000 people. The office of Financial Ombudsman received 479 complaints from car owners, which make only 0.67% of the total compensation claims.

Gagik GRIGORYAN, ROSGOSSTRAKH Armenia CEO stated in a press release: "One million insurance policies is a significant figure, and the fact that we have reached it first, not an accident. This is a natural result of the hard work of all employees. And this figure indicates a high level of customer trust, for which we are grateful. But for us it is also a great responsibility and a great experience, given that we are constantly improving the quality of our services. That is our strategy, and it is through this for so many years we are able to serve the largest segment of the market. "

ROSGOSSTRAKH Armenia was established in 2008, as part of Russian ROSGOSSTRAKH Insurance Company. The Armenian subsidiary's authorized capital is worth USD 10.8 million. The company employs more than 2,100 people, including about 1,800 insurance agents and it is  represented in all the cities of the country, running 47 offices.

ROSGOSSTRAKH Armenia is the country's largest insurer. In 2014 the held an over 35% market share, with GWP of AMD 10.57 billion (EUR 18.3 million), 4.4% down y-o-y, and paid claims amounting to AMD 10.85 billion (EUR 18.8 million), about 70% up y-o-y.

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