SIL Insurance

What SIL Insurance does

SIL Insurance CJSC is a privately held Armenian non-life insurance company founded on March 2, 2000 and headquartered in Yerevan. It operates under non-life insurance license APO 0004 issued by the Central Bank of Armenia, covering 13 insurance classes and offering 15 product lines spanning mandatory CMTPL, motor (CASCO), health, travel, property, accident, cargo, liability, banking risks, bond guarantees, construction all-risk, cash-in-transit, aviation, agricultural, and private mortgage insurance. The company is structured as a closed joint-stock company with registered capital of 2,804,500,000 AMD and is ~99.998% owned by four members of the Sukiasyan family, with Eduard Sukiasyan serving as Chairman and Armine Melkumyan as Executive Director.

The business distributes through a hybrid model combining direct digital channels — a web-based online contract platform at silinsurance.am and the SIL Mobile app on iOS and Android — with a physical branch and certified agent network and a B2B2C channel of 25+ banking partners including Ameriabank, ACBA, Unibank, and the Central Bank of Armenia. Reinsurance risk is ceded to 12+ A-rated global carriers including Allianz, Munich Re, Swiss Re, SCOR, Chubb, AXA, HDI, Lloyd's, Sava, Polish Re, Doha Insurance, and Kuwait Re. The company was the first insurer in Armenia to launch agricultural insurance in 2019 under a 40-60% government premium subsidy program, and in 2025 celebrated its 25th anniversary alongside a new brand identity.

Customer base spans Armenian individual consumers (driven by mandatory CMTPL coverage on all registered vehicles) and a diversified enterprise roster covering banks, technology firms (PicsArt, Digitain), telecoms (VEON/ArmenTel), online gaming (Adjarabet), delivery platforms (Glovo), healthcare providers (Erebouni, Sirmed), international education (UWC Dilijan), government missions (U.S. Embassy), aviation (FlyOne Armenia), and utilities (Veolia Armenia). Service infrastructure includes a 20+ cashless healthcare provider network and an authorized auto-repair partner network for claims settlement.

Name

SIL Insurance

Legal name

SIL Insurance CJSC (ՍԻԼ ԻՆՇՈՒՐԱՆՍ ԱՓԲԸ)

Website

https://silinsurance.am

Company type

Private

Founded year

2000

Operating status

Operating

Headcount range

101–250 employees

Short description

SIL Insurance CJSC is a privately held Armenian non-life insurer offering 15 product lines including mandatory CMTPL, motor, health, aviation, and agricultural coverage. It serves individual consumers and enterprises across Armenia via digital, agent, and 25+ banking partner channels, backed by global reinsurance relationships.

Ownership category

akta.pro rank

Product category

Non-Life Insurance (Property & Casualty)

NAICS

Direct Property and Casualty Insurance Carriers (524126), Insurance Carriers and Related Activities (524), Direct Health and Medical Insurance Carriers (524114)

SIC

Fire, Marine & Casualty Insurance (6331), Insurance Carriers, Nec (6399), Surety Insurance (6351)

akta.pro primary industry

Commercial General Liability (CGL) (FSAJADAA)

akta.pro secondary industries

Travel & Accident (Non-Life) Insurance (FSAJAMAN), Large Commercial Package (National Accounts) (FSAJAFAC), Commercial Umbrella / Excess Liability (FSAJADAL)

Keywords

• Non-life insurance
• Motor third party liability
• Aviation risk insurance
• Construction all-risk
• Agricultural crop insurance

Headquarters

HQ city

Yerevan

HQ country

Armenia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales, Technology or R&D, Supply Chain

Revenue model

1. Insurance Premiums: SIL Insurance generates revenue through collection of insurance premiums across 13 lines of non-life insurance including CMTPL, motor, health, property, travel, cargo, construction, liability, banking risks, cash-in-transit, agriculture, aviation, bond guarantee, and accident insurance.
2. Reinsurance Ceded Premiums: The company cedes portions of its insurance premiums to international reinsurance partners (Allianz, Munich Re, Swiss Re, SCOR, Chubb, AXA, and others) for risk-sharing on large or concentrated exposures.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

SIL Insurance underwrites and distributes 13 classes of non-life insurance products to individuals and businesses in Armenia, including mandatory CMTPL, motor (CASCO), health, travel, property, accident, cargo, banking risks, bond guarantees, construction (CAR/EAR), liability, cash-in-transit, agricultural, and aviation insurance. Policies are sold through an online platform, mobile apps, a branch/agent network, and banking partners, with risk capacity backed by global reinsurers including Allianz, Munich Re, Swiss Re, SCOR, Chubb, AXA, and Lloyd's.

Product overview

SIL Insurance offers a comprehensive non-life insurance portfolio consisting of 15 distinct product lines distributed through online contract platforms and mobile applications (iOS/Android). Core offerings include mandatory CMTPL, motor (CASCO), health, travel, property, and accident insurance for individual and corporate clients. Specialty products encompass cargo, aviation, banking risks, bond guarantees, construction (contractor's all risks), liability, cash-in-transit, and agricultural insurance. Additional modules include private mortgage insurance enabling 90% mortgage coverage with 10% down payment, and social package insurance covering medical care with state subsidy support. The company operates as a licensed non-life insurer since 2000.

Differentiator

Problem solved

Functional benefit

Products and services

• CMTPL (Compulsory Motor Third Party Liability Insurance) Mandatory third-party liability insurance for vehicle owners covering damages to injured parties including pedestrians, passengers, and drivers, with compensation for health and property damage caused by the insured vehicle.
• Motor (CASCO) Insurance Comprehensive vehicle insurance covering physical damage, theft, natural disasters, fire, third-party actions, and additional coverage for driver and passenger accidents for vehicles up to 10 years old.
• Health Insurance Health coverage with customizable packages (Economy, Business, Luxe) providing protection against unexpected medical expenses and treatment costs, delivered through a cashless network of 20+ healthcare providers in Armenia.
• Travel Insurance Coverage for trip-related medical emergencies including overseas hospitalization, with Standard per-trip and Special Multi-trip programs offering coverage up to 30,000 EUR and 30-365 day trip duration options.
• Property Insurance Insurance for buildings, structures, contents, and equipment against fire, natural disasters, water damage, glass breakage, electrical damage, theft, and physical damage, with flexible coverage options for individual risks or combinations.
• Accident Insurance Coverage for accidental death, permanent disability, and temporary disability including medical expenses for individuals up to 65 years of age.
• Cargo Insurance Coverage for goods in transit by air, sea, and land against damage, loss, and various transit-related risks for businesses shipping internationally or domestically.
• Banking Risks Insurance Specialty coverage for banks including employee dishonesty, premises damage, cash transit, forged checks, electronic and cybercrime, and professional liability.
• Bond Guarantee Insurance Surety bonds for domestic and international trade transactions, guaranteeing contractual obligations fulfillment for principals in commercial and government contracts.
• Construction (Contractor's All Risks) Insurance Coverage for construction works, installation, equipment, third-party liability, and worker accidents during building projects, including contractor's all-risk and erection all-risk policies.
• Liability Insurance Civil liability coverage for third parties, professional liability, and freight carrier responsibility for businesses operating in Armenia.
• Cash-in-Transit Insurance Coverage for valuable items and cash transportation including robbery, physical damage, and transit-related losses for banks, retailers, and cash-handling businesses.
• Agricultural Insurance Pilot program covering fruit orchards, fields, and agricultural land against hail, fire, spring frost, and drought for crops including apricot, grapes, apple, peach, plum, melon, watermelon, potato, cherry, and cereals, supported by government co-subsidy of 40-60% of premium.
• Aviation Risk Insurance Coverage for aircraft operation risks including hull insurance, crew accidents, passenger and cargo liability, and flight delay expenses for airlines and aircraft operators.
• Private Mortgage Insurance Enables property purchase with 10% down payment (vs. standard 30%) by insuring the additional 20% mortgage portion, allowing up to 90% mortgage coverage for individual homebuyers.

Quantifiable outcome

• Agricultural insurance program launched 2019 as first in Armenia
• +1 more outcomes

Named customers15 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

16 partnerships are on record, tiered minor and core.

• Polskie Towarzystwo Reasekuracji S.A. (Polish Re)minorOthersInternational reinsurance partner providing reinsurance capacity and risk-sharing for non-life insurance portfolio.
• Pozavarovalnica Sava, d.d.minorOthersInternational reinsurance partner from Slovenia providing reinsurance capacity.
• Allianz SEminorOthersGlobal reinsurance partner providing capacity for large-scale and complex risks.
• HDI-Gerling Industrie Versicherung AGminorOthersInternational reinsurance partner specialized in industrial and commercial lines.
• SCOR Reassurance SAminorOthersMajor global reinsurer providing catastrophe and specialty reinsurance capacity.
• AXAminorOthersGlobal insurance and reinsurance partner for international risk coverage.
• CHUBBminorOthersGlobal P&C insurer and reinsurer providing excess of loss and catastrophe reinsurance.
• Doha Insurance GroupminorOthersMiddle East-based reinsurance partner.
• Kuwait ReminorOthersKuwait-based reinsurance partner for regional risk capacity.
• Lloyd's of LondonminorOthersSyndicate-level reinsurance through Lloyd's market for specialty and aviation risks.
• Munich ReminorOthersGlobal leading reinsurer providing treaty and facultative reinsurance capacity.
• Swiss ReminorOthersGlobal reinsurance partner providing risk capacity and underwriting expertise.
• AmeriabankcoreChannel Partner/ Reseller/ DistributorStrategic partnership announced April 2025 for corporate business development and distribution of insurance products to Ameriabank's corporate client base.
• Armenian Auto Insurers' Bureau (APPA)minorOthersRegulatory and industry body for CMTPL insurance coordination and Bonus-Malus system management in Armenia.
• Medical institutions network (Sirmed, Dalimed, Erebouni, Nairi, Astghik, Heratsi, Mikayelyan, SGLMC, Fanarjian Oncology, Shengavit MC, Medline, Wigmore Clinic, Royal Clinic, Vardanants, Arabkir JMC, Norq-Marash MC, Axiomed, Master Med, Novor MC)coreOthersNetwork of 20+ healthcare providers across Yerevan and Armenian regions for cashless health insurance service delivery under health insurance policies.
• Toyota Yerevan, GG Motors, Mega Service, Grand Motors, Avangard Motors (auto repair shops)minorOthersAuthorized vehicle repair partners in Yerevan for motor/CASCO claims settlement and vehicle repair services under insurance policies.

Scale indicators2 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• AXA: Global P&C and health insurance leader; SIL reinsurance partner. Comparable in product breadth (P&C, health, motor, property) and in driving digital distribution of insurance products.
• Allianz: Global P&C and life insurance leader; SIL's largest reinsurance partner and benchmark for full-line non-life insurance best practices. Comparable in product portfolio scope and reinsurance strategy.
• Generali: Global insurance group with deep CEE and CIS presence. Comparable in multi-line non-life product portfolio, bank-assurance partnerships, and reinsurance-led capital efficiency model.
• PZU: Poland's largest insurance group with strong non-life, life, and bank-assurance operations across CEE. Comparable in product breadth, bank-assurance distribution strategy, and multi-channel model.
• Vienna Insurance Group (VIG): Major CEE insurance group with multi-line non-life and life insurance across Central and Eastern Europe. Comparable as a multi-line composite insurer with reinsurance-led model and similar product portfolio breadth.

Others

• Munich Re: World's largest reinsurer and SIL's primary capacity provider. Relevant as a benchmark and counterparty rather than a direct competitor; useful for understanding SIL's positioning relative to global reinsurance-led underwriting.

Direct peers

• Ameriabank Insurance: Insurance operations linked to Ameriabank, one of Armenia's largest banks and SIL's own strategic partner. Competes on similar bank-assurance distribution and non-life product lines.
• RESO Insurance Armenia: Armenian branch of Russian RESO-Garantia group offering non-life insurance products including CMTPL, motor, property, and travel. Direct competitor on the same product lines with strong Russian-backed reinsurance backing.
• Ardshinbank Insurance (Ardshininvestbank Insurance): Insurance affiliate of one of Armenia's largest banks, distributing non-life insurance through the bank's branch network. Comparable bank-assurance model with similar product focus on CMTPL and consumer lines.
• INGO Armenia: One of the largest non-life insurance companies in Armenia, offering CMTPL, motor, health, property, and travel insurance with a similar multi-product, multi-channel model. Closest direct competitor to SIL in the Armenian non-life insurance market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/silinsurance
• LinkedInlinkedin.com/company/sil-insurance-icjsc
• Instagraminstagram.com/sil_insurance_official

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SIL Insurance