The compulsory types of insurance, which habituate people to correct perception of insurance, stimulate the development of the insurance market. This originates the need for voluntary insurance types, Samvel Grigoryan, CEO of RESO insurance company, has told ArmInfo.
"In any casse, the demand is obvious. For instance, in the case of comprehensive automobile insurance (CASCO), the matter concerns the priorities, whose changes depend on the development of both motor third party liability insurance and compulsory health insurance. In Russia and especially in Europe it is nonsense to buy a car and not to have comprehensive automobile insurance. It is like buying a house but failing to keep it locked," he says.
Grigoryan thinks that the health insurance products have the biggest potential for development among the voluntary insurance types in Armenia. Property insurance is another type with a big potential. "Given the reality, people purchase property on credit and the banks demand property insurance when providing the loan. But, unfortunately, when the mortgage loan is redeemed, the property owner does not prolong the insurance contract and realizes the need to prolong it only after a fire or some other problems occur. The need for that is formed in chain order, following motor third party liability insurance, health insurance and comprehensive automobile insurance," he says.
He thinks that not only property insurance but also cargo insurance is topical. "The demand for that type of insurance will grow given Armenia's accession to the Eurasian Economic Union, because it will become a compulsory condition for business conduct," he says.