Eleven insurance companies had been working in Armenia by October 1, 2010, their assets totaling 19.7 billion AMD (about U.S. $55 million), and liabilities 7.1 billion AMD (U.S. $20 million), says a report by the Central Bank of Armenia (CBA).

Bank despots constitute 53.8% of insurance companies’ assets, bank accounts 11.6%, insurance premiums 10.1% and investments in securities 7.3%.

By Oct. 1, 2010, five insurance companies had been operating in the black, and five in the red.

Insurance companies are serving 59,100 insurance contracts in effect, with insurance funds totaling 3,330 billion AMD (about U.S. $9.2 billion). However, the report may contain an error, as the funds are too huge for Armenia.