BAKU, Azerbaijan, May 2. Azerbaijan’s Compulsory Insurance Bureau forecasts up to 10 million manat ($5.82 million) of insurance fees from the sale of green cards by Azerbaijani insurance companies for vehicles registered in Georgia and Kazakhstan, by the end of 2023, Executive Director at the bureau Rashad Ahmadov told reporters, Trend reports.
According to Ahmadov, from January through April this year alone, insurance fees from the above activity amounted to 3.1 million manat ($1.8 million).
In 2022, the bureau made payments under the Green Card system in the amount of 910,421 manat ($535,540) in connection with traffic accidents that occurred abroad.
The Green Card international vehicle liability insurance system has been operating since 1951. Its main goal is to settle claims of victims of road accidents committed with the participation of foreign motorists, in accordance with the national legislation of the country where the accident occurred.
According to the agreement "On green card", an insurance policy for motor third-party liability issued in any country participating in the agreement is valid in the territory of another country that is a member of this agreement.
The national bureaus of the Green Card are part of a single organization - the Council of Insurance Bureau headquartered in Brussels, which operates under the auspices of the Working Group on Road Transport of the Inland Transport Committee of the United Nations Economic Commission for Europe.