Placing assets for 8% deposit , Compulsory Insurance Bureau did not start paying compensations to third parties
Baku, Fineko/abc.az. Investment portfolio of Compulsory Insurance Bureau makes 23,4% of Azerbaijans insurance companies fees on compulsory insurance.
At the third Azerbaijan International Insurance Forum (AIIF) the Bureaus Executive Director Elkhan Guliyev reported that the Bureaus investment portfolio on compulsory insurance of Azerbaijan reached AZN 7.5 million with revenues for over AZN 32 million on compulsory insurance in the country.
"Investment funds of the Bureau are fully placed on deposits in banks, selected by risk level. Average yield on these deposits is 8% per annum. The bank deposits are presently the Bureaus only investment tool. The situation will not change in the nearest year or two",- E. Guliyev said.
The Bureau is planning diversification of investment portfolio after brining its investments to certain level.
" We are planning to consider new investing tools, but it is difficult to indicate exact terms of this process yet. We have been operating for only a few months and have not even started yet paying compensations to third parties of compulsory insurance of vehicle owners civil liability , although this is one of the Bureaus main purposes ",- E. Guliyev said.
At present 11 insurance companies of the country are the Bureau members.
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