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Regional

Over first months of 2014 Rosgosstrakh Armenia prevented over 30 attempts of fraud worth about 19 mln AMD

  • by Erik Abrahamyan

  • Thursday, July 3, 20:59

Over the first months of 2014, the security service of Rosgosstrakh Armenia prevented over 30 attempts of fraud worth about 19 mln AMD. The press service of the insurance company has told ArmInfo that on the basis of Rosgosstrakh Armenia's statement, the law enforcement agencies have instituted criminal proceedings over three cases of fraud disclosed by the security service. Investigation is underway. The first instance courts have already criminated two more cases. 

The source says that in the first case three citizens of Armenia have been found guilty of large-scale fraud.  In the course of investigation of the road accident, the company's security employees found out that the driver, who committed the road accident, was replaced. As a result, the criminals were going to receive a 592 thsd AMD compensation from the company. According to the judgment, each of them, shall pay fines, which are 600-700 times as much as the minimum wages. 

In the second case, two residents of Noyemberyan were charged with attempted large-scale fraud in collusion. It has been found out that Mkhitar G. and Armen G. staged a road accident to receive 990 thsd AMD from Rosgosstrakh Armenia as compensation for the damage caused earlier. According to the court's verdict, each of them shall pay a fine, which is 500 times as much as the minimum wages. 

The company says that motor insurance fraud cases are the most frequent. In addition to replacement of the driver and staging of the accident, there has also been a case when the driver was brought to criminal responsibility for acquisition of the insurance policy after committing the accident. 
The security service of Rosgosstrakh Armenia reports that the cases of replacement of the guilty party has considerably declined in 2014. The matter concerns the cases when the owner of the car that suffered most introduces himself/herself as the aggrieved party to receive bigger compensation from the insurance company. Within the frames of the Bonus-Malus system, in 2014 the faultless drivers refuse to bear the others' blame, because it affects their insurance histories and raises the price of the motor third party liability insurance policy. 

According to the Ranking of Insurance Companies of Armenia prepared by the Agency of Rating Marketing Information, in Q1 2014 Rosgosstrakh Armenia was in the lead in the premiums collected over that period (3.4 bln AMD, up 2.5% versus Q1 2013). The company was also in the lead in the insurance payouts (2.1 bln AMD, up 24.5% versus Q1 2013). This amount was paid out for 11,750 insurable events.  For the moment, Rosgosstrakh Armenia provides 15 insurance classes. Moreover, it is the only insurance company that insures credit risks.  To note, Rosgosstrakh Armenia was founded in May 2008 and is licensed by the Central Bank of Armenia to provide non-life insurance. The company is a member of Rosgosstrakh Group (Russia). The authorized capital of the company is 3.44 bln AMD ($8.3 mln). The company has 46 offices throughout Armenia, including 18 branches, 13 sales offices in Yerevan and 33 offices in large cities of Armenia. In December 2011 Rosgosstrakh Armenia was the first in the insurance market of Armenia to be awarded with ISO 9001:2008 by Moody International. 

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