Azerbaijan, Baku, May 20 / Trend A.Akhundov /
In January-April 2013, insurance companies in Azerbaijan concluded more than 307,000 contracts on compulsory insurance regulated by the Compulsory Insurance Bureau of Azerbaijan, the Bureau reported.
According to the report, on December 16, 2011, the new law 'On mandatory types of insurance' came into force in Azerbaijan. This law introduced new forms of compulsory insurance on the Azerbaijani market, namely real estate insurance and civil liability for the operation of real estate property as well as compulsory civil liability insurance for owners of motor vehicles (CCLI) and insurance of passengers.
Over 24 million manat was collected for these four types of insurance in the January- April, which exceeds the figure for the same period last year by more than nine per cent.
In April, the company received more than 114,400 contracts on CCLI premiums on this type of insurance in April totalling 8.37 million manat. Ten thousand contracts to the value of 1.26 million manat were signed on compulsory real estate insurance, and 697 contracts to the value of 52.18 million on mandatory liability insurance for the operation of real estate. No agreements were concluded on compulsory insurance of passengers. In general in April, insurance companies concluded 125,200 contracts on these four insurance types.
The bureau of compulsory insurance was established in Azerbaijan in accordance with the law on 'Compulsory types of insurance'. Azerbaycan Senaye Sıgorta was the last company included in the bureau's registry on June 27.
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, İpek Yolu Sıgorta, Azerbaycan Senaye Sıgorta and Meqa Sıgorta entered the bureau.
The official exchange rate for May 20 is 0.7847 AZN / USD.