Compulsory auto insurance market declines by 16% in Azerbaijan - UPDATED

Baku. 1 August. REPORT.AZ/ 1 743 insurance claims have been registered by insurance companies on Mandatory Motor Vehicle Owners Civil Liability Insurance. Insurance payments in the amount of 2.2 mln AZN have been made. Compared to July 2015 insurance payments decreased by 11%.

2 021 481 AZN of payments were for damage to vehicles, 80 580 AZN to property, 46 500 to health, 70 mln AZN associated with the death of a person.

In the reporting period, the average insurance payment for damage caused to the vehicle totaled 1 235 AZN.

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Baku. 1 August. REPORT.AZ/ 102 485 agreements on the compulsory insurance of the civil liability of vehicle owners signed in July in Azerbaijan.

Report informs referring to Bureau of compulsory insurance (BOS), of which 15 550 vehicles registered in foreign countries and imported to Azerbaijan for transit purposes. During this period, the amount of insurance premiums under mandatory insurance contracts amounted to more than 8 million manats.

Number of insurance contracts as compared to the same period last year decreased by 11,4%,, the amount of premiums - by 15,6%.

In July, contracts of compulsory insurance of civil liability of automobile owners decreased by 1,9% and amounted to 77,9 AZN.