Azerbaijani AccessBank launches vehicle insurance
Azerbaijan, Baku, Feb.28 / Trend /
On Tuesday AccessBank announced that it has launched a new service for vehicle owners: offering mandatory insurance policies, the bank's press release says on Tuesday.
AccessBank will not obligate its clients to purchase policies from one specific insurance company, but offers clients a free choice of policies from three leading insurance companies of Azerbaijan. Customers will be able to select and obtain a policy quickly in any AccessBank branch across the country.
This new service is being introduced in association with the new Law of Azerbaijan Republic on "Mandatory insurance" of January 1, 2012. This law includes a more comprehensive and efficient system on mandatory insurance of vehicle owners' third party liability, providing coverage for any third parties that may be involved in accidents caused by the vehicle owner. The cost of the insurance is dependang on the engine size and ranges from AZN 50 to 250 for individuals and AZN 60 to 300 for legal entities. According to the law, the maximum amount of insurance coverage per each insured accident is AZN 50,000.
"Many banks and insurance agents offer customers the policies of only one specific insurance company. At AccessBank, customers are free to choose a policy from three leading insurance companies, and simultaneously benefit from the excellent customer service offered by AccessBank staff," Andrew Pospielovsky, General Manager of AccessBank commenting on the launch of the new service, said.
AccessBank was established to provide access to financial services for Azerbaijan's micro and small businesses and low and middle income households. AccessBank is recognised as the most reliable bank in Azerbaijan by Fitch International Ratings ('BB+' with 'Outlook Stable'), and as "The best bank of Azerbaijan" by Global Finance (2011) and Euromoney (2010 & 2011) in their annual awards as well as "The Bank of the Year" by The Banker (2011). AccessBank is 100% foreign owned by six shareholders, consisting of: the European Bank of Reconstruction and Development, the International Finance Corporation, the Black Sea Trade and Development Bank, KfW Development Bank - the Development Bank of the German Government (20% per each), Access Microfinance Holding acting in microfinance field as a strategic investor (16.5%), and LFS Financial Systems GmbH - a German consulting company (3.5%).
The official exchange rate is 0.7862 manat to $1 on Feb.28.