Azerbaijan: Premiums written for real estate and motor insurance compulsory policies amounted to EUR 36 million in Jan-July 2017
Most of the compulsory real property insurance agreements were concluded for houses, while official buildings represented the smallest fraction of the total number of contracts. On the Greed Card side, most of the policies were issued for vehicles travelling to Islamic Republic of Iran and Turkey.
According to data provided by the Compulsory Insurance Bureau, the total value of the compulsory real property insurance agreements reached AZN 13.53 million (about EUR 7 million) in the first seven months of 2017, while on the motor insurance side premiums written for MTPL amounted to AZN 53.8 million (about EUR 28 million), and AZN 1.15 million (about EUR 0.6 million) for Green Card respectivelly.
Since 1st November 2016 the process of conclusion of compulsory motor insurance contracts has become electronic. The paper agreements entered into prior to that date will be in force till their closing date.
At present, 13 insurance companies which are the participants of Azerbaijani Compulsory Insurance Bureau are entitled to operate within the compulsory insurance filed: Ateshgah Insurance Company OJSC, Standard Insurance OJSC, AtaInsurance OJSC, Xalg Sigorta OJSC, PASHA Insurance OJSC, AXA MBASK OJSC, AzSıgorta OJSC, State Insurance Company of Azerbaijan Republic, Mega Insurance OJSC, Silk Way Insurance OJSC, Azerbaijan Industry Insurance OJSC, Qala Insurance OJSC and Gunay Sıgorta OJSC.