Azerbaijan, Baku, Jan. 21 / Trend A. Akhundov /
The insurance companies signed over 917,000 contracts for compulsory liability insurance of vehicle owners in Azerbaijan in 2012, the compulsory insurance bureau said on Saturday.
The fees for this type of insurance exceeded 72 million manat in 2012.
More than 125,000 contracts on compulsory real estate insurance worth 11.39 million manat, 4,854 contracts on compulsory liability insurance while exploiting real estate worth 334,300 million manat, 363 contracts on compulsory passenger insurance worth 93,400 manat were signed.
The process of using the new law on "Compulsory insurance" started on Dec. 16, 2011. According to it, types of compulsory insurance - real estate insurance, civil liability while exploiting real estate were introduced. The insurance amount on compulsory liability insurance of vehicle owners and passenger insurance were increased.
Around 83.92 million manat were collected on these four types of insurance in 2012.
Fees for compulsory insurance amounted 127.52 million manat in Azerbaijan in 2012 increasing by 2.4 times, while their share in total volume of fees increased from 24.4 to 37.22 percent. Payments for these types of insurance increased by 52.44 percent up to 93.86 million manat compared to 2011.
The compulsory insurance bureau was established in Azerbaijan in accordance with the law on "Compulsory types of insurance". Azerbaycan Senaye Sıgorta was the last included in the register of the bureau on June 27, 2012.
The founders of the bureau are six companies - Pasa Sıgorta, Atesgah Sıgorta, Ata Sıgorta, AXA MBASK, Xalq Sıgorta and Standard Insurance, which are also participants of the mandatory insurance market. Later AzSıgorta, Alfa Sıgorta, Azerbaijani State Insurance Commercial Company "Azersigorta", Meqa Sıgorta and İpek Yolu Sıgorta obtained membership in the bureau.
The official exchange rate is 0,7848 AZN/USD on Jan. 21.