On February 16, Rosgosstrakh-Armenia company, the leader in Armenia’s insurance market, summarized the results of the RA Law on Compulsory Car Insurance, which was enforced on January 1, 2011.

“The primary goal of the law fulfillment has been achieved – 80% of all vehicles were insurance in a month,” Vice President of Rosgosstrakh company Rafael Minasbekyan told a press conference in Yerevan.

He added that, according to unofficial data, this figure makes around 90%.

Minasbekyan noted that Armenia sets records, being ahead of Russia, Central, Eastern and Western Europe by the pace of the mandatory vehicle insurance implementation.

According to Minasbekyan, it took Russia a year to fulfill the law in 2002.

As for Rosgosstrakh-Armenia, it has signed 120,000 contracts, which is over 36% of the total number of policies, since enforcement of the law on compulsory car insurance.