BAKU, Azerbaijan, February 20. A total of 57,347 contracts were issued within the Green Card international insurance system in Azerbaijan last year, for which insurance fees amounting to 10 million manat ($5.88 million) were collected, Trend reports via Compulsory Insurance Bureau of Azerbaijan.
According to the bureau, the number of contracts grew by 2.6 times compared to 2022, while the insurance fees rose by 3.4 times.
Last year, the average insurance premium under Green Card insurance contracts amounted to 136 manat ($80), which is 9.3 percent less than in 2021 (150 manat or $88.2).
"The sale of Green Cards for vehicles registered in Georgia and Kazakhstan played a significant role in the sharp increase of these indicators since January 1 of last year. Specifically, 12,335 Green Card contracts were issued outside Azerbaijan (9,075 in Kazakhstan and 3,260 in Georgia). Through these contracts, a total of 6.14 million manat ($3.6 million) in insurance fees was collected.
Thus, Azerbaijan obtained over six million manat ($3.5 million) in revenue from the export of insurance services during the reporting period. Of this amount, 179,000 manat ($105,290) was allocated for insurance payouts related to accidents involving vehicles registered in Kazakhstan and Georgia.
In 2023, a total of 45,012 contracts were concluded nationwide under the Green Card system, resulting in the collection of 3.98 million manat ($2.34 million) in insurance fees. This represents a twofold and 32 percent increase compared to 2022, respectively," the bureau said.
The Green Card is an international certificate of insurance providing visiting motorists with proof of the minimum compulsory insurance cover required by the law of the country visited. The green card system is designed to facilitate the movement of vehicles across international borders through an internationally acceptable document proving the existence of insurance.
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