AZERBAIJAN: AZN 10.8 million paid claims submitted to the Compulsory Insurance Bureau in 1H2013

3 October 2013 — Daniela GHETU
azerbaidjan6A recent amendment to the compulsory insurance legislation also gave the Compulsory Insurance Bureau (CIB) of Azerbaijan to register the 5th type of compulsory insurance over accidents during work and professional illnesses. Previously CIB was managing four types of compulsory incurance: MTPL, property insurance, third party liability insurance associated with the use of the property and personal accident insurance.

As of July 20th 2013 all the above mentioned insurance types are considered valid only if policies are registered at CIB's centralized information system. Before this date, only CMTPL policies were registered through the information system of CIB. During recent months, CIB has carried out all the necessary actions by updating the current IT system in order to ensure implementation of the above amendments into the legislation.

According to data provided by CIB, in 1H2013 a total of 14 claims for compensation payments were registered in the Bureau. Out of these 14 applications, 11 claims (7 of which relating to damage to health and 4 relating to death of a person) were paid in the total amount of AZN 28,191. The remaining 3 claims were under review and consideration by the end of June 2013 and therefore, carried forward to the next months.

The total number of claims submitted to the insurance companies under CMTPL in the same period was 8008. The insurance companies implemented the payment of 7737 of these claims in the total amount of AZN 10.8 million.

Further detailed statistics on CMPTL will be available in the forthcomming issue of the Azerbaijan Insurance Profile, to be released on the occasion of the Baden-Baden AZERI Evening, October 20th.

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