TODAY.AZ / Business

Issuing insurance payments may be accelerated in Azerbaijan

18 September 2018 [17:17] - TODAY.AZ

By  Trend

The issuance of payments on voluntary and compulsory motor insurance in Azerbaijan may be accelerated, Orhan Mammadov, first deputy chairman of the board of AtaInsurance company, told reporters in Baku Sept. 18.

He said that the acceleration of payments will become possible after the introduction of the mechanism of the online transfer of the necessary documents from the traffic police to insurance companies.

“We are looking forward to the introduction of such practice, because this will greatly facilitate the lives of both clients and insurance companies,” Mammadov said. “The problem is that it takes long time to obtain the necessary documents from the traffic police. As soon as the insured event occurs, we send a request to the traffic police and receive the necessary documents in response. This process is being delayed.”

He noted that to date, AtaInsurance is trying to maximally accelerate the process of issuing insurance payments.

“When the amounts regarding the insured event don’t exceed a certain level and the causes of the event are obvious, we issue money without a document and then get it from the traffic police ourselves,” Mammadov added. “But in cases when we have questions or the amounts are too large, we cannot pay the money without all necessary documents. So the transition to the online mode can greatly facilitate our work. We hope that this will happen in the near future.”

AtaInsurance has been carrying out insurance activities since 2004 and is a part of AtaHolding LLC. The company renders services on four compulsory and 26 voluntary types of insurance.

The company’s assets, as of end-August, amounted to more than 30 million manats, and the authorized capital amounted to 14.6 million manats.

The company’s premiums for January-September 2018 amounted to 12.59 million manats, with payments of 4.97 million manats, according to Azerbaijan’s Financial Market Supervisory Authority.

(1.7 manats = 1 USD on Sept. 18)


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