16:21 - 22.11.2023

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November 22, Fineko/abc.az. An increase in insurance premiums for compulsory civil liability insurance of motor vehicle owners (AVISMIS) in Azerbaijan has made insurance companies more profitable.

ABC.AZ reports with reference to the Central Bank that in the first 10 months of the year, mandatory car insurance premiums increased by 48% up to 135.08 million manats.

Nevertheless, the companies made insurance payments for totally 81.92 million mantas (8% more than last year).

Insurance companies noted that if for Jan-Oct 2022 the difference between premiums and compensation payments amounted to 15.53 million manats, then this year this difference amounted to 53.17 million manats. And this means that compulsory car insurance has become a profitable business for them.