Published on : Nov 16, 2018
Albany, New York, November 16, 2018: Unemployment is a persistent hindrance in Armenia, adversely affecting Armenian insurance industry and economy at large. Some of the major roadblocks identified in Armenian insurance industry are characterized by insufficient life insurance policies, lack of product variety, and in adequate knowledge. However, with considerable rise in foreign investments in the insurance industry of Armenia, it is expected that the insurance industry in Armenia will rebound in the coming years. Market Research Hub (MRH) in its recently released business intelligence report titled, ‘The Insurance Industry in Armenia: Key Trends and Opportunities to 2022’ delves deep in understanding ongoing developments and trends shaping the growth trajectory of Armenian insurance industry.
Armenia is expected to witness revolutionary disruptions in the insurance industry with relevant foreign investments and several indigenous insurance programs underway. Such developments are expected to offset sluggish economic growth in the country, which has over the years experienced severe political and social unrest.
OPIC Affirms Investments in Armenia to Elevate Financial and Insurance Sectors
One of the US government agencies, Overseas Private Investment Corporation (OPIC),that supports American investments in developing economies is optimistic about its upcoming venture in Armenia aimed to ensure holistic growth of Armenian economy encompassing a myriad fields including insurance, tourism and other financial services.
Agro-based Pilot Insurance Program to Favor Growth in Armenian Insurance Industry
An agro-based Armenian economy is expected to reflect substantially on the insurance industry in Armenia. A recent report affirmed that agricultural ministry of Armenia is soon to pave way for a novel pilot insurance project expected to commence in 2019, and will be executed by indigenous insurance entities in Armenia. This ten million project will initially be launched in three major regions in Armenia, consisting of Ararat, Shirak, and Armavir. The program will meticulously consider major triggers such as unforeseen calamities affecting orchards, vineyards, potato farms, and grains, thus negatively impacting Armenian agricultural sector and the economy at large. The project will support the launch of insurance policies that can offer optimum coverage for aforementioned damages, and is therefore expected to bring in sweeping changes in Armenian economy and unwinding growth avenues for the insurance industry in Armenia.
Thorough research elements included in the report allow readers to gauge various segments and factors prevailing in the insurance industry in Armenia and their reciprocal implications on overall market growth. The report primarily aims to enlighten readers’ understanding and thus encourage well-informed investment decisions and business models in Armenian insurance industry on the part of significant market players. To present a comprehensive outlook of Armenian insurance industry, this section of the report identifies type of insurance as the solo dominant segment in Armenian insurance industry, based on which the industry is classified into life insurance, property insurance, motor insurance, liability insurance, marine, aviation, and transit insurance, personal accident and health insurance, and compulsory insurance.
Competitive Landscape: Armenian Insurance Industry
Based on elaborate research postulates elaborated in the report, readers can attain a comprehensive understanding on potential players in Armenian insurance industry, complete with an assessment of winning business strategies adopted by leading players and their corresponding implications on consumer response such as their preferences and eventual adoption. The report also allows readers to evaluate the efficacy of marketing tactics and tools in anchoring holistic growth in Armenian insurance industry. Some of the prominent players identified in the report include, Ingo Armenia Insurance CJSC, Nairi Insurance LLC, Armenia Insurance Ltd. and Reso Insurance CJSC amongst others.
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