Compulsory auto insurance market in Azerbaijan grew by 4%

Baku. 5 January. REPORT.AZ/ In 2016, the Compulsory Insurance Bureau (CIB) information system registered 996 632 contracts in Azerbaijan on compulsory insurance of civil liability of vehicle owners (CICLVO). Amount of insurance premiums for compulsory insurance contracts in the mentioned period made 79.8 mln AZN.

Report informs citing the bureau, 130 655 of this figure accounts for the vehicles, registered in a foreign country and entering Azerbaijan for transit purposes.

Compared with the previous year, increase by 3.3% was observed in the number of insurance contracts on CICLVO, 4.4% in the amount of insurance premiums.

As a result, in 2016, average insurance premium for vehicles registered in Azerbaijan totaled 88 AZN.

Notably, currently, 13 insurance companies are operating in the field of compulsory insurance of civil liability of vehicle owners.