Compulsory auto insurance market slump 19% in Azerbaijan

Baku. 3 March. REPORT.AZ/ In February 2017, Compulsory Insurance Bureau (CIB) information system registered 64 123 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 CIB, 8 191 contracts accouned for the vehicles, registered in a foreign country and entering Azerbaijan for transit purposes.

In February 2017, insurance premium from standard and cross-border insurance contracts amounted to5 088 747 AZN.

Compared with the previous year, decrease by 15,2%, was observed in the number of insurance contracts on CICLVO, 18,9% in the amount of insurance premiums.

At present 13 Insurance Companies operate for compulsory insurance of civil liability of vehicle owners (CICLVO) in Azerbaijan: State Insurance Commercial Company, "Ateshgah Insurance", "Standard Insurance", "AtaInsurance", "Khalg Insurance", "PASHA Insurance", "AXA MBASK", "AzSigorta", "Mega Insurance", "Silkway Insurance" "Azerbaijan Industry Insurance", "Gala insurance" and "Gunay insurance".