Life Report

Product Insurance Market Reports Life Rev Armenia

Key Highlights

Get access to Axco’s online product with the latest market intelligence for the market of your choice


  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Armenia's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Armenia's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Armenia

The Armenia life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Armenia.  Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Armenia and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Armenia’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Armenia is available.

Axco’s report describes the regulatory framework that applies to the Armenia domestic life insurance sector, including whether non-admitted insurance is permitted in Armenia; as well as the legislation necessary to know regarding Armenia’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Argmenia with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Armenian market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.


The report describes the public and private healthcare system in Armenia, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.


Axco reports on the three pillars of Armenian pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Armenia report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

Armenia Life and Benefits Report Extract

Below are brief extracts of information from the Armenia Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

Summary and Trends

There is presently no life business of any sort written in Armenia. Since January 2008 the Central Bank of Armenia has required life insurers to be separately capitalised and licensed legal entities and no life company, as such, has been formed. With the development and gradual maturity of the private pensions sector, the Central Bank recognises that the introduction of a life insurance market would be desirable and might welcome the involvement of foreign expertise or investment in the establishment of a life company in Armenia …


Summary and Trends

Armenia has implemented reforms of the pension system which embraces the classic three pillars, and actually comprises four pillars in total. The private pension system was introduced following the enactment of Law No 244-N dated 22 December 2010 On Funded Pensions, which established the mandatory pillar II and voluntary pillar III. Pillar III commenced, as scheduled, without any issues, from 1 January 2011.


Summary and Trends

The Armenian healthcare system is now largely decentralised into national, regional and community facilities. The Ministry of Healthcare oversees this sector and sets general medical policy with an annual budget allocation from central government. Healthcare facilities are responsible for their own budgets and for setting their own prices outside the Basic Benefits Package (BBP) which is a package of listed services that are free of charge for everybody, first introduced in 2006 ....

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