Azerbaijani motor insurance market recent developments. Elkhan GULIYEV, Executive Director, Compulsory Insurance Bureau, Azerbaijan
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1 i motor insurance market recent developments Elkhan GULIYEV, Executive Director, Compulsory Insurance Bureau,
2 GENERAL INFORMATION Republic of Territory: Neighbor Countries: Population as of 2014: Total Registered Vehicles: 1,245,000 86,000 square kilometers Turkey, Russia, Iran, Georgia, Armenia and Turkmenistan over Caspian sea 9 and a half million people 2 2
3 GENERAL INFORMATION Compulsory Insurance Bureau (CIB) deals with the protection of interests of suffering insured persons and third parties, provision of stability and development of compulsory insurance system in. According to the applicable legislation of, with respect to CMTPL, CIB is a: MOTOR BUREAU COMPENSATION BODY GUARANTEE FUND INFORMATION SYSTEM Currently, 11 members of CIB are eligible to issue CMTPL policy In the future, CIB shall also operate as a Green Card Bureau after being accepted for membership to the Green Card System 3 3
4 LEGISLATIVE ACTIVITIES RELATED TO CMTPL Legislative amendments due to joining to Green Card System Amendments related to determination of payments based on the percentage of guilt New legislative changes allow Bureau to actively inform public about compulsory insurance types and many other aspects related to insurance Penalties for uninsured vehicles have also been increased. Table below describes how the penalties increased for different types of entities Penalties for uninsured vehicles Before Now Physical person 10 AZN 50 AZN Entrepreneur 60 AZN 100 AZN Legal person 150 AZN 300 AZN 4 4
5 CMTPL STATISTICS FOR 2014 INSURANCE POLICY STATISTICS: YEAR NUMBER POLICIES TOTAL PREMIUMS ,464 70,687,551 AZN Compared to 2013 we have observed 2% increase both in total number of insurance policies and also in total insurance premiums. NUMBER OF CMTPL INSURANCE POLICIES: INSURANCE PREMIUMS : ,14% 1,9% EURO = AZN 17/04/2015 Official Exchange Rate 5 5
6 CMTPL STATISTICS FOR 2014 Number of vehicles registered in Green Card member countries that have received border insurance Total number of policies: 184,892 Total premiums (AZN): 5,013,
7 CMTPL STATISTICS FOR 2014 CLAIM STATISTICS Vehicle damages Property damages Health injury Death of a person TOTAL Number of claims 19, ,749 Payments (AZN) 23,910, , ,000 1,357,000 26,833,000 Compared to 2013, number of insurance claims increased by 12.5% and amount of insurance claim payments increased by 5.9% 25,330,180 AZN ,833,000 AZN 5.9 % 1 EURO = AZN 17/04/2015 Official Exchange Rate 7 7
8 CMTPL STATISTICS FOR 2014 Claim statistics related to accidents that involve vehicles registered in Green Card member countries Total number of claims: 348 Total payments (AZN): 498,
9 COMPENSATION PAID BY CIB Health injury Death of a person TOTAL Number of claims, Number of claims, Payments, AZN AZN AZN Payments, AZN AZN AZN Compared to 2013, amount of compensation paid by CIB increased 4.5 times during
10 POLICY ISSUE SYSTEM Since December, 2011 CMTPL insurance policies are being registered through the unified information system into the centralized database of CIB Key Functions of CMTPL central information database: central monitoring of policy life-cycle instant reporting on daily or periodic basis central source of bonus-malus automatic calculation automatic communication with policy holders on any status changes related to policies centralized control over insurers actions/procedures centralized control over modification of operational procedures as a result of legislative amendments 10
11 CENTRALIZED CLAIM MANAGEMENT SYSTEM The new claim management system has been launched since November of 2014 ADVANTAGES of Centralized Claim Management System: Compliance to law by insurance companies for claim handling Claim case history recorded during all stages of the process Claim handling process transparency Complaint to document management expectations Granular reporting per claim life cycle System is able to record and store exact geo location of accident scene Provides means for integration for member insurance company s information systems 11 11
12 ACCOMPLISHED TASKS IN THE FIELD OF GREEN CARD The preparatory works with regards to joining Green Card System has been accomplished: The amendments to the legislation has been made Insurance premiums tariffs has been confirmed The guarantee letter to the Council of Bureaux have been sent Tariffs have been specified by 3 categories: Motor vehicles travelling to Turkey and Islamic Republic of Iran; Motor vehicles travelling to Belarus, Moldova, Russian Federation and Ukraine; Motor vehicles travelling to the other countries within Green Card system; 12 12
13 FUTURE WORK FOR GREEN CARD SYSTEM Republic s admissions to the Green Card System will be reviewed during the general assembly of Council of Bureaux during 27, 28 of May this year Bank guarantee up to 5 million Euro Reinsurance agreements Bilateral agreements with all the Green Card System member countries 13
14 VISION FOR THE FUTURE More strict legislative regulations for uninsured vehicles. Uninsured vehicles wont be allowed to be driven. Integration of CIB with other government organizations and agencies Insurance portal for insured in order to be able to view and manage online purchased insurance policy Mobile application for CMTPL (polices and claims) Development of information system for Green Card policy issue and claim handling Development of a single clearing system for processing requirements on the repayments on CMTPL insurance claim settlement Fraud detection system 14
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