Azerbaijan, Baku, 25 April / Trend A.Akhundov /
In the first quarter of 2013, insurance companies in Azerbaijan signed more than 182,000 contracts on compulsory insurance regulated by the Bureau of Compulsory Insurance.
The Bureau was established in Azerbaijan in accordance with the law on 'Compulsory types of insurance'. It regulates four types of compulsory insurance - real estate, liability of vehicle owners, passenger insurance and liability insurance whilst touching on real estate. Insurance companies started using the law on December 16, 2011.
As much as 14.4 million manat was collected on these four types of insurance in the first quarter which exceeds the figure for the same period last year by more than 16 per cent.
During the reporting period, the companies signed more than 159,900 CTP contracts. Fees for this type of insurance in the first quarter amounted to 11.87 million manat.
Compulsory Insurance Property contracts numbered 21,356 and signed up for a total amount of 2.45 million manat as well as 880 contracts on mandatory liability insurance for the operation of real estate worth 73.7 million manat. No contracts were signed on compulsory insurance of passengers.
Azərbaycan Sənaye Sığorta was the latest to be included to the Bureau's registry on June 27, 2012.
Six companies founded the Bureau: Pasha Sıgorta, Ateshgah Sıgorta, Ata Sıgorta, AXA MBASK, Xalq Sıgorta and Standard Insurance. Later, AzSıgorta, Alfa Sıgorta, State Insurance Commercial Company of Azerbaijan "Azersigorta", İpek Yolu Sıgorta and Meqa Sıgorta.