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Number of issued Green Card policies increase in Azerbaijan

Business Materials 3 October 2017 16:20 (UTC +04:00)

Baku, Azerbaijan, Oct. 3

By Anvar Mammadov – Trend:

Azerbaijan’s insurance companies that are members of the Green Card international motor insurance system issued 3,045 international insurance policies for vehicles in September 2017, the Compulsory Insurance Bureau of Azerbaijan (ISB) said Oct. 3.

The number of issued international insurance policies increased by 2.3 times as compared to the same period of 2016.

Premiums on international vehicle insurance contracts amounted to 211,170 Azerbaijani manats that is 2.6 times more than in the same period of 2016.

As many as 1,719 contracts were concluded with the owners of vehicles going to Turkey and Iran, 1,235 contracts with owners traveling to Russia, Ukraine and Moldova, 91 contracts – with owners traveling to all countries included in the Green Card system (with the exception of Israel and Belarus).

According to the ISB, 2,445 of the signed contracts accounted for insurance of cars, 313 of the signed contracts accounted for insurance of trucks, 267 for insurance of trailers, 18 for insurance of buses and two for insurance of motorcycles.

The Green Card system has been functioning since 1951. The system became operational in Azerbaijan on January 1, 2016. Its main objective is the settlement of claims of victims of road accidents, involving foreign vehicles, in accordance with the national legislation of a country where the accident happened.

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