AZERBAIJAN: Green Card market shows significant growth in 2023

26 February 2024 — Marina MAGNAVAL
A total of 57,347 Green Card contracts were issued in Azerbaijan last year, under which AZN 10 million (USD 5.88 million) were collected, Trend reports citing the Compulsory Insurance Bureau of Azerbaijan. According to the Bureau, the number of contracts grew by 2.6 times y-o-y, while GWP rose by 3.4 times.

"The sale of Green Cards for vehicles registered in Georgia and Kazakhstan played a significant role in the sharp increase since January 1 of last year. Specifically, 12,335 Green Card contracts were issued outside Azerbaijan (9,075 in Kazakhstan and 3,260 in Georgia). Through these contracts, a total of AZN 6.14 million (USD 3.6 million) was collected. Thus, Azerbaijan obtained over AZN 6 million (USD 3.5 million) in revenue from the export of insurance services during the reporting period. Of this amount, AZN 179,000 (USD 105,290) was allocated for payments related to accidents involving vehicles registered in Kazakhstan and Georgia, the source says.

In 2023, a total of 45,012 Green Card contracts were concluded nationwide (for vehicles registered in Azerbaijan), resulting in the collection of AZN 3.98 million (USD 2.34 million). This represents a twofold and 32% increase y-o-y, respectively", the Bureau explained.