AZERBAIJAN: Almost 24% of insurance market formed by Compulsory Insurers Bureau

27 September 2012 —
The 12 member companies operating in Azerbaijan within the framework of the Compulsory Insurers Bureau (CIB) out of the country's 28 insurance companies form already 23.78% of Azerbaijan's insurance market versus 23.6% for the first half of 2012.

The State Insurance Supervision Service under the Ministry of Finance of Azerbaijan informs that for the first 8 months of 2012 AZN 54.426 million was gathered on 4 types of compulsory insurance regulated by the Bureau and AZN 2.85 million was paid.

The most of compulsory insurance premiums were provided by services on insurance of vehicles owner liability - AZN 47.217 million and compensation payments for AZN 2.507 million.

The second place belongs to mandatory insurance of immovable property with premiums for AZN 6.78 million and compensation payments for AZN 344,000. It is followed by compulsory insurance of immovable property operation - AZN 202,000 with lack of payments and passenger insurance AZN 122,000 without payments.

The CIB was established in Azerbaijan in compliance with the Law on Mandatory Types of Insurance.

Read the full story on www.abc.az.
AZERBAIJAN: Almost 24% of insurance market formed by Compulsory Insurers Bureau
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