In 2022 Azerbaijani insurers issued 22,187 insurance contracts within the Green Card system and collected AZN 3.01 million of premiums on them (~EUR 1.66 million), Trend reports based on data from the Compulsory Insurance Bureau of Azerbaijan.

According to the Bureau, the number of contracts increased by 37% y-o-y, while GWP grew by 25% compared to 2021.

Last year, the average insurance premium under Green Card insurance contracts was AZN 136 (USD 80), which is 9.3% less than in 2021 (AZN 150).

In 2022, the Azerbaijan Compulsory Insurance Bureau made payments under the Green Card system in the amount of AZN 910,421 (EUR 0.50 million) for road traffic accidents that occurred abroad, which is 27.8% more y-o-y.

In addition, payments were made in the amount of more than AZN 139,000 for insured events committed by foreign citizens in the country.

"Insured accidents occurred mainly in Russia and Turkey. According to the events that took place on the territory of Azerbaijan with participation of foreign citizens, the largest payment falls on Russia - AZN 103,107", the Bureau noted.

*1 EUR = 1.8114 AZN (December 31st, 2022)