Insurance in Armenia

Insurance is a contract for defined risks rather than a promise to solve every loss. The policyholder pays a premium, and the insurer pays or provides services only when the policy conditions are met. Armenian insurers operate within a supervised financial system led by the Central Bank of Armenia. Customers should confirm the legal identity of the insurer and receive the full policy documents. Compulsory motor third-party liability insurance is commonly known through the local term APPA. It is designed mainly to cover defined harm caused to other people or their property, not every loss to the insured vehicle. Optional motor cover can protect the owner's vehicle against selected risks such as collision, theft, or damage. Coverage depends on exclusions, deductibles, driver conditions, valuation, and claim procedures. Health insurance may be purchased privately or provided through an employer, while some health services are supported through public arrangements. A health policy can limit providers, treatments, medicines, waiting conditions, approvals, or annual benefits. Property insurance can cover a home, business premises, equipment, or belongings against named events. The building, contents, land, shared areas, and renovation work may require different treatment. Travel, accident, life, liability, cargo, and business policies address other kinds of loss. Each product protects a particular interest, so several policies may be needed for unrelated risks. A deductible is the part of an accepted loss borne by the insured person. Exclusions remove specified events from cover, while a coverage limit sets the maximum amount payable under defined conditions. After an incident, the insured person should protect people from immediate danger, reduce further damage when safe, notify the proper authorities when required, and contact the insurer promptly. Evidence such as photographs, reports, receipts, medical records, and witness details can support the claim.