Finance

Finance

Azerbaijan sees 28% rise in voluntary car insurance market

16 March 2012 08:23 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. AZN 6.655 mln insurance premiums were collected on voluntary car insurance during January-February in Azerbaijan, up 28.4% compared to last year.

According to APA, during the reporting period, payments on car accidents (on voluntary insurance types) rose 49% to AZN 3.261 mln.

Besides, the volume of revenues on â€œCompulsory insurance of civil liability of motor vehicle ownersâ€ made AZN 5.145 mln, up 8.4 times compared to 2011. Payments on compulsory car insurance declined by 3.5 times to AZN 24.251 mln during the first two month of the current year.

Note that, share of premiums on voluntary car insurance in total insurance premiums in market made 11.2%, share of compulsory car insurance stood at 8.7%.

Most of premiums belonged to AXA-MBask, Ateshgah Sigorta, Standard Insurance, Azersigorta, AzSigorta and International Insurance Company.

Remind that, Azerbaijan-based insurers collected AZN 58.916 mln insurance premiums, paid AZN 9.547 mln in January-February, 2011.