Finance

Finance

Azerbaijan sees 43% rise in voluntary car insurance market

24 May 2012 07:35 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. AZN 16.465 mln insurance premiums were collected on voluntary car insurance during January-April, 2012, in Azerbaijan, up 43% compared to last year.

According to APA, during the reporting period, payments on car accidents (on voluntary insurance types) rose 54% to AZN 6.797 mln.

Besides, the volume of revenues on â€œCompulsory insurance of civil liability of motor vehicle ownersâ€ made AZN 19.974 mln, up 14 times compared to 2011. Payments on compulsory car insurance declined by 38% to AZN 159 mln within the past year.

Note that, share of premiums on voluntary car insurance in total insurance premiums in market made 14.2%, share of compulsory car insurance stood at 17%.

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

Remind that, Azerbaijan-based insurers collected AZN 81.638 mln insurance premiums, paid AZN 16.630 mln in January-March, 2012.