BAKU, Azerbaijan, May 2. Azerbaijan plans to completely abandon paper insurance policies by the end of 2023, Executive Director at the country’s Compulsory Insurance Bureau Rashad Ahmadov told reporters, Trend reports.
According to Ahmadov, in the upcoming two months it’s planned to abandon paper insurance policies for real estate.
“Relevant work is also underway for other types of insurance,” he said.
Ahmadov added that Green Card insurance (third-party liability insurance for a car, provides sufficient coverage in respective countries), policies will continue to be issued in paper form.
As of January 1, 2023, the total assets of Azerbaijan's insurance companies amounted to 1.45 billion manat or $850 million (an increase of 18.8 percent over the year), and the volume of the companies’ obligations is about 1.02 billion manat ($600 million).