Azerbaijan reveals 1H2021 data on fees via 'Green Card' car insurance system

Finance Materials 26 July 2021 16:02 (UTC +04:00)
Azerbaijan reveals 1H2021 data on fees via 'Green Card' car insurance system

BAKU, Azerbaijan, July 26

By Zeyni Jafarov - Trend:

Within the Green Card international civil liability insurance system, 5,919 insurance contracts were signed in Azerbaijan in the first half of 2021, Trend reports citing the Compulsory Insurance Bureau of Azerbaijan.

In this segment, the collection of contributions approached 1.24 million manat ($729,411).

In this segment, in the first half of 2020, 8,345 contracts were signed and over 1.06 million manat ($624,000) of contributions were collected.

According to the bureau, the results of the first 6 months of this year indicate a decrease by 29 percent in the number of contracts concluded and an increase in fees by 16 percent.

The ministry said that the average insurance premium in this segment in the specified period amounted to 209.3 manat or $123.1 (127.7 manat or $75.1 - in the same period of 2020).

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 the green card", an insurance policy for motor third party liability (OSAGO) 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.


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