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Azerbaijan gets growth in vehicle insurance market

22 October 2012 10:37 (UTC +04:00)

APA-Economics says the payments on this type soared 50% to AZN 20.556 mln.

The premiums on voluntary vehicle insurance surged 33% to AZN 44.067 mln, payments on auto accident climbed 39% to AZN 16.867 mln.

Premiums on compulsory insurance of civil liability of vehicle owners made AZN 53.425 mln, up 16 times from previous year. Year-on-year, the payments on compulsory vehicle insurance quintupled to AZN 3.689 mln.

Share of the charges on voluntary vehicle insurance in total insurance premiums made 17.2%, of compulsory vehicle insurance â€“ 21%.

Most of premiums came from AXA MBASK, Ateshgah Insurance, Standard Insurance, Azersigorta, AzSigorta and International Insurance Company.

Remind that, in January-September, 2011, total insurance premiums, collected by Azerbaijan-based insurers, made AZN 256.326 mln, payments â€“ AZN 67.650 mln.