YEREVAN. – Development of cargo insurance is very important for the development of financial services and trade financing in Armenia, head of trade finance department at HSBC said.

“We want to show our customers trade financing mechanisms that can reduce risks and costs for external trade transactions significantly,” Kamo Margaryan said during the presentation of HSBC Trade Finance Academy in Yerevan.

Asked whether insurance companies are willing to take on cargo insurance for operations on letters of credit and factoring, Margaryan noted that the problem is important enough.

“This is our first meeting with clients in such a format where insurance company INGO Armenia was invited to presented the risks associated with cargo insurance and its ability to cover them. This is very important, including in terms of documentary letters of credit,” he added.