“New loans [give] a boost in business for insurance companies”-¬ Fateh Bekdache
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Fateh Bekdache General manager, Arope Insurance In the early 1990s, bank insurance — insurance underwritten by a bank’s own insurance company and distributed as a bank product — started to penetrate the market heavily. The phenomenon occurred for a number of reasons. First and foremost, after the war a lot of people went out and bought new cars. This resulted in the introduction of car loans — and then housing loans and credit card loans. All these new loans gave a boost in business for insurance companies, as people with new cars began realizing how important insurance is in a country where accidents are the norm. Prior to that, in the 1970s and 1980s, only importers, exporters and industrialists used insurance to cover their assets. Nowadays, insurance is considered a must, and the fastest growth we are seeing is in the personal line. Abraham Matossian President, The Insurance Association of
