Ingo Armenia

Armenian insurance market is relatively new, as it started developing from 1996, when was for the first time adopted Law on Insurance in Armenia. Not long after, in 1997 Ingo Armenia was founded by Levon Altunyan. Afterwards, along with the market the company started its expansion, while enriching its customer base and building trust with its partners.

In December 2003, one of the largest Russian insurance companies “Ingosstrakh” acquired entity's 75% of shares.

While in 2006, the control of insurance market transitioned from Ministry of Finance and Economy of RA to Central Bank of Armenia, Ingo Armenia was relicensed and received a non-life insurance license from CBA APO 0005 (0014). In 2009 it was the first insurance company to be included in the list of 400 major taxpayers of Armenia.

In 2010, in the pursuit to solve major social issues CBA introduced Compulsory Motor Third Party Liability Insurance requirement, that boosted the popularity of insurance companies. As of the next year-end, Ingo Armenia had 12 specialized offices for the regulation of insurance claims and more than 400 branches and representative officers, which ensured the company's exhaustive coverage in all regions of Armenia.

In the first quarter of 2012, Ingo Armenia announced its acquisition of Cascade Insurance CJSC, which was the daughter organization of Cascade Capital Holdings CJSC owned by US based Cafesjian Family Foundation.^[2] The latter had almost 5,000 individual and corporate customers. The key factor making this acquisition happen was the two companies’ similarity to each other in regard to their spirit and working practices.^[3]

Garnik Tonoyan, executive director of Cascade Insurance, during one of his interviews mentioned that this merger was dictated by the market, as there was a strong need for capable insurance firm with solid infrastructure to supply its operations.^[4]

2017 was not only significant because of the company's 20th anniversary, but also was crucial as the company embarked on its journey of digitalization. With the launch of its newborn strategy, Ingo Armenia was the first Armenian insurance firm to sell CMTPL contracts online. Other approaches were digitalization of document circulation, remote accident management and more.^{[citation needed]}

Historically, the company's focus was concentrating on corporate clients. However, from 2017 up to now, Ingo Armenia introduced new products to attract retail market.

In 2023, Rafik Suvaryan was appointed Executive Director of INGO Armenia,

For solid 20 years, from 1997 to 2017, Ingo Armenia was a traditional insurance company, with branches and representatives across the whole territory of Armenia. However it was incongruent with the company's move toward digitalization. In 2017, Ingo Armenia initiated complete restructuring to facilitate its changed operations. The company reduced its branches to:

• Head Office: 51,53 Hanrapetutyan Str., 0010, Yerevan, RA․

Ingo Armenia currently has flat organizational structure that increases flexibility and improves communication across all divisions.^[5]

The company has two major shareholders: InVest-Polis JSC and Levon Altunyan. Ingosstrakh IPJSC is the parent organization of InVest-Polis JSC, with full controlling interest package.

Shareholder Name	Ownership	Participation in Authorized Capital	Number of Shares
InVest-Polis JSC	75%	US $3.97 million	3,093
Levon Altunyan	25%	US $1.32 million	1,031