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Azerbaijan sees 34% rise in voluntary car insurance market

16 August 2012 08:53 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. AZN 26.598 mln insurance premiums were collected on voluntary car insurance during January-June, 2012, in Azerbaijan, up 33.71% compared to last year.

According to APA, during the reporting period, payments on car accidents (on voluntary insurance types) rose 50% to AZN 10.456 mln.

Besides, the volume of revenues on â€œCompulsory insurance of civil liability of motor vehicle ownersâ€ made AZN 35.190 mln, up 15.8 times compared to 2011. Payments on compulsory car insurance declined by 3 times to AZN 1.298 mln within the past year.

Note that, share of premiums on voluntary car insurance in total insurance premiums in market made 16%, share of compulsory car insurance stood at 21%.

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

Remind that, Azerbaijan-based insurers collected AZN 169.455 mln insurance premiums, paid AZN 41.444 mln in January-June, 2012.