Types of Insurance in Armenia

Those of us from the Western part of the world are generally used to insuring most anything. From life to car to even grabbing flood insurance, there is nothing out of the ordinary about it. In Armenia, new insurance companies have begun to appear, with more diverse packages to meet local and repat needs. 
 

Insurance Companies in Armenia

There are a handful of insurance companies in Armenia at the moment. The full list includes:
-Rosgosstrakh Armenia
-Armenia Insurance
-INGO Armenia
-SIL Insurance
-Nairi Insurance
-RESO
-ISG Insurance
-Armenian Motor Insurers Bureau
-Export Insurance Agency of Armenia
-Yerkir Insurance

There are also companies working with larger insurance organizations, such as AvantGuard Risk Solutions, providing a well-rounded insurance service. Others such as Prime Insurance Brokers LLC or Resolution LLC offer risk assessment and insurance company matching services, taking care of the coordination and collaboration between insured and insurer. Pacific Prime also provides health insurance packages to non-Armenians travelling to the region. 

Types of Insurance Available

Outside of personal insurance, there are also business-oriented insurance policies that some of the companies cater to. Overall, we can find:

Compulsory:
-Car insurance (Some companies have women-only insurance as well)

Voluntary:
-Health 
-Personal Accident
-Support for Medical Expenses Abroad
-Estate/Property 
-Tourism
-Accidental Mishap

Business:
-Cargo
-Land Transport
-Estate/Property
-Liability (General and Professional)
-Employee Medical
-Employee Accident
-Development
-Support for Medical Expenses Abroad
-Pawn Shop Special Insurance
-Currency Exchange Special Insurance

Health insurance on an individual basis is not available by all companies, and where it is, the coverage is limited. Repat Armenia has brokered health insurance on a group status to ensure better coverage for a lower price through Nairi Insurance. Learn more about the package here.

As insurance is not a normal part of people’s lives here, many types do not even exist, and most that are available are not desired by the local populace. The most commonly used insurance is auto, simply because it is made mandatory by the law. When it comes to medical insurance, Armenia has multiple providers but few individual packages. The ones that are available for individuals to apply to on their own are expensive for low coverage. As the job market becomes more competitive, medical insurance benefits are added to the list of provisions the companies guarantee in order to keep their top employees. Most who consider adding this option are large and can afford to broker a good deal for their employees. 

• Pros: A good insurance package means paying a small amount from the start to protect you from paying a large amount in the future. $250 at the start could save you $2500.
• Cons: Not everything is included in the insurance package and you might have to pay from your own pocket at times. Make sure the one you have doesn’t cut corners.

NOTE: EU citizens are entitled to free public medical and some dental care in Armenia due to reciprocal arrangements. If one wishes for better service and more modern facilities, however, they’d have to pay extra at one of the Western-style hospitals/clinics dotting the capital city.