TODAY.AZ / Business

Mandatory civil liability car insurance takes lion's share in Azerbaijan

28 June 2019 [18:00] - TODAY.AZ

By Trend


The main share accounts for mandatory civil liability insurance of vehicle owners in the Azerbaijani insurance market, Ibrahim Alishov, Acting Chairman of the Board of the Financial Market Supervisory Authority of Azerbaijan (FIMSA), said.

Alishov made the remarks in Baku at the 9th forum "Azerbaijani Insurance Market: Trends and Opportunities", Trend reports on June 28.

The forum has been organized by FIMSA, the Association of Insurers of Azerbaijan and the Compulsory Insurance Bureau.

“The contracts concluded for this type of insurance accounted for about 50 percent of the total number of contracts,” he said.

"The Compulsory Insurance Bureau plays an important role in eliminating the negative phenomena in this sphere," Alishov added. “The Compulsory Insurance Bureau’s activity has been fully automated since April 2018.”

He also stressed that the insurance claims management system will be presented within the forum.

"After the introduction of this system, great positive changes are expected to be made in the field of vehicle insurance," he said.

The insurance claims management system is a mobile application that can be used to send information about an insurance case online to the Compulsory Insurance Bureau, as well as to the corresponding state agencies.

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