BAKU, Azerbaijan, May 2. The Compulsory Insurance Bureau of Azerbaijan paid about one million manat ($588,235) to citizens for causing harm to health by a third party in 2022, Executive Director at the country’s Compulsory Insurance Bureau Rashad Ahmadov told reporters, Trend reports.
According to Ahmadov, this year, the bureau's payments to citizens whose health was harmed by an unknown or uninsured person, or by a stolen vehicle, will amount to or even exceed one million manat.
"Any citizen who has suffered harm caused by an uninsured person or a stolen vehicle from 2011 to the present day can apply for a payment," he added.
According to the law on “Compulsory insurance”, third parties whose health was harmed by an unknown or uninsured person, or by a stolen vehicle, are entitled to compensation paid by the bureau, and in the event of the death of the victim, this right passes to members of the victim's family.
Besides, following the law, the insurance payment in case of death in an accident is 5,000 manat ($2,940), and in case of injuries it varies from 750 manat ($441.18) to 4,000 manat ($2,350).
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).