Wednesday, January 12 2011 14:08

230000 or 60% of owner-drivers in Armenia obtain MTPLI policies


ArmInfo. Insurance companies of Armenia have signed about 230000 MTPLI contracts, Executive Director of Armenian Insurance Bureau Vahan Avetisyan told ArmInfo. By his estimates, the number of the insured motor vehicles by late January will reach 80% of the total number of the registered vehicles in Armenia. according to him, the number of the insured motor vehicles increased by 20% during 10 days after entry of the Law on MTPLI into force from January 1.

V. Avetisyan said the Armenian Police started fining drivers for the absence of MTPLI policies from January 10. The Bureau has yet no detailed data about the size of fines and the number of the fined drivers.

To note, the Law on MTPLI came into force from January 1, 2011. Armenian insurers started selling MTPLI policies from October 18, 2011.

There are over 400,000 motor vehicles in Armenia, including over 260,000 passenger cars, over 15,000 buses and about 55,000 trucks. According to the latest data for 2007, the average age of the motor vehicle park makes up 12 years. Experts estimate the MTPLI market volumes in Armenia at 13-14 bln drams ($38 mln).
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