More vehicles get int'l motor insurance in Azerbaijan
Baku, Azerbaijan, Jan. 19
By Azad Hasanli – Trend:
Azerbaijan’s insurance companies that are members of the Green Card international motor insurance system issued 2,248 international insurance policies for vehicles in December 2017, which is over 66 percent more than in the same period of 2016, the Compulsory Insurance Bureau of Azerbaijan (ISB) said Jan. 19.
As many as 1,162 contracts were concluded with the owners of vehicles going to Turkey and Iran, 1,062 contracts with owners traveling to Russia, Ukraine and Moldova, 24 contracts – with owners traveling to all countries included in the Green Card system (with the exception of Israel and Belarus).
Premiums on international vehicle insurance contracts amounted to 120,460 manats, which is 31 percent more than in December 2016.
According to the ISB, 1,849 of the signed contracts accounted for insurance of cars, 216 of the signed contracts accounted for insurance of trucks, 159 - insurance of trailers, 24 - insurance of buses.
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.
The ISB includes 16 companies, 13 of which are authorized to sell policies of compulsory civil liability insurance for motor vehicles.
There are 21 insurance companies in Azerbaijan.
(1.7001 manats = 1$ on Jan. 19)