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106 357 compulsory motor insurance contracts concluded electronically in May

In May of this year 106 357 contracts on compulsory third party liability insurance of motor vehicle owners were registered in the information system of Compulsory Insurance Bureau. 16531 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 7 717 187 manats for the reporting period. Compared to the relevant term of 2016, the number of insurance contracts and volume of collected premiums grew by 6.28% and 1.93%, respectively.

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, 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 Günay Sıgorta OJSC.

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