Export Insurance Agency of Armenia has already started providing insurance services
By referring to EIAA, exporters will get an opportunity to protect their cash flows from possible losses.
Export Insurance Agency of Armenia Insurance CJSC (EIAA) was founded on October 23th, 2013 by the decision of the Government of the Republic of Armenia as an effective tool for RA export promotion.
The main goal of the Agency is to provide insurance to RA resident small and medium-sized enterprises (SMEs) against the financial losses incurred as a result of non-payment for supplied goods/services by the foreign buyer within the terms defined under the contract due to the following risks:
- Commercial risks - bankruptcy (insolvency) of the foreign buyer or refusal to pay without any legal reason.
- Political risks - the default of payment as a result of the following events: trading or transfer restrictions, restrictions on currency conversion, natural catastrophes, war and other civil disorders.
General insurance conditions are as follows:
- Duration of export insurance policy: 1-6 months
- Currency of the sum insured: AMD, USD, EUR, RUB
- Limit of insurance coverage: up to 85-90% of the export contract value
- Insurance Premium: 0.3% -1.1% of the export transaction value, depending on the period of the insurance policy and the export destination country.
The preliminary stage of the Agency’s operation included: the development of the insurance product, staff trainings, establishment of risk assessment and management systems, researches on international experience, establishment of necessary business connections and other activities.
Now the Agency is ready to provide insurance services. By referring to EIAA, exporters will not only get an opportunity to protect their cash flows from possible losses but will also get an access to financing offered by government and other programs with preferential conditions under the insurance policy
EIAA is an insurance company licensed by the Central Bank of Armenia with more than 2 billion AMD capital. The Company reinsures its risks with an internatioanal reputable high-rated reinsurance company - Swiss Reinsurance Company Ltd.
If you have any questions concerning the conclusion of the insurance policy or services You can visit EIAA office located at room 405, V. Sargsyan 26/1, Erebuni Plaza Business Center, Yerevan, Armenia or contact to EIAA specialists on the following number: (+374 10) 58-29-29 or visit EIAA website www.eia.am.