Azerbaijan: the MTPL electronic issuance system one year after debut
Since 1st November 2016, compulsory motor insurance contracts are concluded electronically. The paper agreements entered into prior to that date will be in force till their closing date.
In November of this year 84,898 contracts on compulsory third party liability insurance of motor vehicle owners were registered in the information system of the Azeri Compulsory Insurance Bureau. 13,427 of the contracts were related with the motor vehicles registered abroad and being in the territory of Azerbaijan on transit. The amount of insurance premiums collected by insurance companies on standard and border insurance agreements made AZN 6.666 million for the reporting period. Compared to the relevant term of 2016, the number of insurance contracts and volume of collected premiums grew by 31% and 28% respectively.
According to XPRIMM estimations, since the MTPL electronic issuance system's debut, about 1.21 million policies were issues, worth aprox. AZN 94.5 million.
At present, 13 insurance companies, which are the participants of Azerbaijani Compulsory Insurance Bureau, provide compulsory motor insurance policies to citizens. Those are 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.