By January 17, 2011, 265,000 cars or 65% of the total number had been insured in Armenia, Vahan Hovhannisyan, Executive Director of the Car Insurers Bureau, and Vahe Vardanyan, Head of the Financial Policy and Stability Department, Central Bank of Armenia (CBA), told journalists January 18.

He reported that 7,000 to 10,000 thousand cars have been insured daily this January. Vardanyan refuted the reports that insurance companies impose fines in car owners for delay. "It is a function performed by traffic police," he said.

The CBA forecasts insurance of 80 to 85 per cent of cars in Armenia during the next few weeks.