News - Life Insurance Innovations in Armenia

In a significant move, LIGA INSURANCE has received approval from the Central Bank of Armenia to become the first company in the country to offer life insurance services. This new venture is backed by a 100% acquisition involving Austria's Grawe Group, which holds a 75% stake, and C-Quadrat Investment Group with 25%. Central Bank chief Martin Galstyan hailed this partnership as a prime example of how international investment can bring advanced practices and expertise to Armenia, potentially triggering a chain reaction where other insurers will follow suit in improving their offerings. The governmental regulatory body is also working on legislative amendments to streamline the operations by implementing a universal licensing system, allowing insurance companies to offer both life and non-life insurance services. This system will help companies optimize their operations and expand their service offerings under a single license, making it easier to meet the market demand for comprehensive coverage. Founded in 1828, Grawe Group is one of the oldest and most prestigious insurance entities in Central and Eastern Europe, operating in 14 countries with numerous subsidiaries in insurance, banking, and real estate. C-Quadrat Investment Group, founded in 1991 in Vienna, manages assets across 21 countries and is pivotal in global financial markets. Armenia's LIGA INSURANCE, established in 2008, is the largest insurer in the nation, leading the market with a total capital of 7.6 billion drams (about $20 million). This venture marks a critical development in the Armenian insurance landscape, expected to elevate the overall quality and range of insurance services available to citizens.