BAKU, Azerbaijan, July 27
By Zeyni Jafarov - Trend:
Loss ratios within the Green Card international vehicle liability insurance system in Azerbaijan in the first half of 2020 and 2021 on road accidents that occurred in foreign countries greatly differ, Trend reports with reference to the Compulsory Insurance Bureau of Azerbaijan.
This figure reached 21 percent from January through June 2021, while a year earlier it was 47 percent.
According to the Compulsory Insurance Bureau, the main reason for the decrease in the coefficient is associated with an increase in the number of trucks and a decrease in the number of cars with the "Green Card".
Some 5,919 insurance contracts were formalized in Azerbaijan in the first half of 2021 within the Green Card international civil liability insurance system.
The fees worth about 1.2 million manat ($705,882) and payments – 258,700 manat ($152,176) were collected.
The Green Card international vehicle liability insurance system has been operating since 1951. Its main goal is to settle claims of victims of road accidents committed with the participation of foreign motorists, in accordance with the national legislation of the country where the accident occurred.
According to the agreement "On the green card", an insurance policy for motor third party liability issued in any country participating in the agreement is valid in the territory of another country that is a member of this agreement.
The national bureaus of the Green Card are part of a single organization - the Council of Insurance Bureau headquartered in Brussels, which operates under the auspices of the Working Group on Road Transport of the Inland Transport Committee of the United Nations Economic Commission for Europe.
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