YEREVAN, December 16, / ARKA /. Seven Armenia-based insurance companies paid nearly 9.5 billion drams in a total of 48,809 mandatory motor insurance compensations in January-November 2013, a 15.3 percent rise form the year before, the website of Motor Insurers’ Bureau of Armenia reported.

Some 399,140 vehicles were insured in Armenia in the reporting period (5.2% increase), with 49,565 compensation payment applications filed (20.3% increase), according to the report. Only 552 applications were not met, the Motor Insurers’ Bureau said.

Compensations worth a total of 145.9 million drams (reduction of 26.4%) are under way currently, it said.

Insurance premiums in January-November totaled nearly 14 billion drams, a 2.9 % growth compared to the same period of 2012.

Motor insurance became mandatory in Armenia as of January 1, 2011. Armenia’s Central Bank has been in charge of insurance market since 1 January 2006. ($1-404.95 drams). M.M.-0-