Export Insurance Agency of Armenia manages to settle all insurance cases through negotiations

YEREVAN, December 2. /ARKA/. The Export Insurance Agency of Armenia manages to settle all insurance cases through negotiations with foreign buyers and detailed explanation of legal consequences in the event of payment failure, Vazgen Abgaryan, the agency acting executive director and a member of the agency’s board, said in an interview with ARKA News Agency. 

He said that despite geopolitical and economic instability in many countries, the agency has not faced nonpayment cases connected with political risks. 

Abgaryan said that the company’s insurance market key segment is not the export of raw materials. The range of businesses is wide – food and spirits industries, pharmacology, textile etc.     

“The product is interesting especially to representatives of small- and mid-scale businesses, since payment default can strike hard at them on one hand, and on the other hand, they have far less levers for influencing buyers than large exporters,” he said.

The Export Insurance Agency of Armenia was established in late October 20123 at the government’s instruction as an effective export-promoting instrument. 

Its capital exceeds AMD 2 billion. The company started providing insurance services in early May 2015. ---0----