Report of Bureau of Compulsory Insurance Published

A report of the Bureau of Compulsory Insurance (BCI) on last year's activities has been published. As of January 1, its total assets were at the level of 20 million 122.98 thousand manat (+ 36.3% yoy).

According to the official information on the BCI website, its long-term assets were 10 million 500.01 thousand, and short-term assets were 9 million 622.98 thousand manat.

Significantly (+ 62.1%) increased the reserves of the Bureau - 12 million 612.78 thousand manat with the obligations of 7 million 510.21 thousand manat (+ 7.6%). At the same time the largest share fell on the long-term liabilities (7 million 443.84 thousand manat), while the short-term liabilities were significantly (only 66.37 thousand manat) inferior to them.

According to the report, the total revenues amounted to 6 million 899.67 thousand manat (+ 30.7%) and the expenses were 2 million 68.22 thousand manat (+ 30.3%). The annual net profit also increased (+ 30.8%), reaching 4 million 831.45 thousand manat.

BCI was established in the framework of the law "On compulsory types of insurance" and has been valid from 16 December 2011. It includes 15 local insurance companies, with 3 bodies specializing in life insurance.

Membership in the Bureau is 200 thousand manat.

The size of a single deposit on compulsory insurance of real estate and compulsory insurance of liability of real estate owners, as well as compulsory insurance of disability of individuals from accidents and occupational diseases, is 100 thousand manat. On compulsory insurance of civil liability of vehicle owners (CTP) and compulsory insurance of passengers it is 200,000 manat. --17D-