Number of Green Card policyholders hits 10,500
By Amina Nazarli
In 2016 insurance companies of Azerbaijan, within the Green Card system issued 10,514 international insurance policies for vehicles.
Some 7,497 of these agreements were signed with owners of vehicles driving to Turkey and Iran, 2,569 to Russia, Ukraine and Moldova, and 448 to other countries included in the system of Green Card.
The Green Card is an international system of motor vehicle
liability insurance which functions since 1951. The system was
introduced in Azerbaijan in 2016.
The main objective of the Green Card System is settlement of claims
of persons injured as a result of road accidents involving foreign
registered vehicles, ensuring that victims of accidents involving
foreign registered vehicles are not disadvantaged as well as
facilitation of the movement of vehicles across international
borders by the use of an internationally acceptable insurance
document. The Green Card system currently comprises 48 countries
including the whole of Europe, Russia, Israel, Morocco, Tunisia and
Iran.
Azerbaijan’s Compulsory Insurance Bureau (ISB), established to protect interests of insured persons and third parties, who suffer damages and losses. As much as 16 companies are the members of the Bureau with 13 being eligible for the sale of compulsory insurance policy.
In 2016 insurance companies issued 140,848 policies on compulsory property insurance. Fees on insurance contracts amounted to 25.2 million manat ($13.8 million).
Compared to 2015, the number of contracts on the specified type of insurance increased by 30 percent, while the volume of fees by 1.5 percent.
Insurance of houses and apartments for the period had 80.78
percent of policies, administrative buildings - 0.3 percent, other
real estate - 18.92 percent.
Compulsory insurance of immovable property applies to all types of
buildings, houses and apartments belonging to individuals and legal
entities. In this case the insured situation is considered the
facts related to damage to this property as a result of fire,
explosion, short circuit in the electric system, an accident in the
sewer or water system, natural disasters, etc.
Tariff on this type of insurance is 0.2 percent of the insured sum. The maximum amount of insurance coverage for real estate in Baku is 25,000 manats ($13,000), in Ganja, Sumgayit and Nakhchivan - 20,000 ($11,000), in other regions - 15,000 manats ($8,000). The cost of insurance is respectively 50, 40 and 30 manat ($27, $22, and $16).
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Amina Nazarli is AzerNews’ staff journalist, follow her on
Twitter: @amina_nazarli
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