ARMENIA: export insurance in 2018 increased by 73%

In 2018 export insurance recorded a significant growth. Total insured amount was AMD 7.9 billion (+73% y-o-y), at that total insurance premiums exceeded the planned level for 2018-2020 by 31%, as the press office of the Export Insurance Agency of Armenia announced.

Total premiums amounted to AMD 75.5 million (+95% y-o-y), which, as of the end of December in 2018, exceeded the planned level of insurance premiums for 2018-2020 by 9%.

To compare - in 2017 total insured amount was AMD 4.5 billion and total insurance premiums amounted to AMD 38.8 million. In October of 2018 those figures were already smashed. From the beginning of its activity in March, 2015 and until the end of 2018 total amount insured by the Export Insurance Agency of Armenia reached almost AMD 15 billion and total premiums generated - about AMD 130 million.

The Export Insurance Agency of Armenia provides insurance coverage to exporting companies-residents of Armenia against incurred financial losses in case of non-payment for goods by foreign buyers or banks, which under contracts are obliged to pay. Provided insurance services are an effective solution for managing export risks, as ArmInfo wrote.

*EUR 1 = AMD 553.65 (31.12.2018)

EUR 1 = AMD 580.10 (31.12.2017)

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