Azerbaijan Compulsory Insurance Bureau talks digitalized services

By Trend

Compulsory insurance of civil liability of vehicle owners, as well as against accidents at work and occupational diseases in Azerbaijan have been fully digitalized, Rashad Ahmadov, executive director of the country’s Compulsory Insurance Bureau told Trend.

According to Ahmadov, it’s planned to digitalize compulsory real estate insurance, compulsory civil liability insurance related to the use of the real estate, as well as compulsory personal accident insurance for passengers.

"Now the priority issue for the Compulsory Insurance Bureau is the digitalization of compulsory real estate insurance. In this regard, by the end of 2022, it’s planned to create a database of real estate facilities in Azerbaijan," he said.

The CEO reminded that the turnover of compulsory insurance funds for real estate is nearly 80 million manat ($47 million) per year, but the existing potential, according to him, is estimated at 200 million manat ($117.6 million).