Number of Green Card policies increases in Azerbaijan

Economy Materials 1 August 2016 17:39 (UTC +04:00)

Baku, Azerbaijan, Aug. 1

By Anvar Mammadov – Trend:

In July 2016 insurance companies of Azerbaijan, which are the members of the Green Card system, issued 1,102 international insurance policies for vehicles, the Compulsory Insurance Bureau of Azerbaijan (ISB) reported Aug. 1.

As many as 1,042 of these agreements were signed with the owners of vehicles going to Turkey and Iran, 51 – going to all countries included in the Green Card system. Nine agreements were concluded on vehicles going to Moldova and Ukraine.

The insurance premiums on these contracts amounted to 65,929 manats. Compared with June 2016, the number of policies increased by 33.3 percent, and the amount of insurance premiums - by 3.5 percent.

As many as 968 of the signed contracts accounted for insurance of passenger cars, 72 - trucks, 45 – trailers, 15 - buses, two - motorcycles.

As many as 3,373 insurance contracts worth over 352,000 manats were signed in January-July 2016 within the Green Card system.

The Green Card international system of motor insurance has been functioning since 1951. The system has become operational in Azerbaijan since January 1, 2016. Its main objective is the settlement of claims of victims of road accidents, in accordance with the national legislation of the country where the accident occurred, with the participation of foreign motorists. This objective is stated in the agreement "On the Green Card", insurance policy for civil liability of motor vehicles, issued by any member state of the agreement and remains valid in any other country that is a member of the agreement.

The National Bureau of Green Card is made up of a united organization - the Council of Insurance Bureaus, with headquarters in Brussels, and operates under the auspices of the Working Party on Road Transport of the Inland Transport Committee of the UN Economic Commission for Europe. The Green Card system includes 48 countries: Russia, the whole of Europe, as well as Israel, Morocco, Tunisia and Iran.

Compulsory Insurance Bureau performs functions of the National Insurance Bureau of the Green Card international system in Azerbaijan.

ISB participants include 16 companies, 13 of which have the right to sell compulsory third party liability insurance policies.