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Garant-Limens Expands Its Positions

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  • Garant-Limens Expands Its Positions

    GARANT-LIMENS EXPANDS ITS POSITIONS

    ArmInfo
    2009-04-21 21:19:00

    The insurance company "Garant-Limens" specializing in insurance of
    medical risks is expanding its positions due to new service - insurance
    for those going abroad. The decision on providing Garant-Limens with
    licence for the given insurance class was taken at April 21 sitting
    of Board of the Central Bank of Armenia (CBA).

    Director of Garant-Limens Levon Minasyan told ArmInfo that the
    company has changed the strategy of development to diversify the
    risks, particularly, it is envisaged to decrease the share of medical
    insurance in the portfolio to 70% (by almost 30%) within the next
    3 years.

    According to Minasyan, to provide full-fledged services to clients
    outside Armenia, Garant-Limens has already concluded an agreement
    with the French AXA Group, assistance services will be provided by
    AXA Assistance company.

    "The company's insurance policy is not cheap, it costs thrice as
    much as the average market one. This is conditioned by the company's
    serious intention to provide high quality services",- Minasyan said.

    According to ArmInfo data, Garant Limens has been operating in the
    market since 1999. It has licence for 7 insurance classes, 3 of them
    being launched (insurance of medical risks, vehicles and accidents).

    According to the Ranking of Insurance Companies of Armenia prepared
    by ArmInfo, in 2008 Garant-Limens collected premiums worth 154.4
    mln AMD and held the 8th position among 10 insurance companies in
    operation. The company's volume of redemptions exceeded 60 mln AMD.
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