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The Central Bank of Azerbaijan (CBA) has explained the reason for the increase in mandatory insurance costs for taxis
The Central Bank of Azerbaijan (CBA) has explained the reason for the increase in mandatory insurance costs for taxis
The Central Bank of Azerbaijan (CBA) has explained the reason for the increase in mandatory insurance costs for taxis.
Vusal Gurbanov, Director General of the Central Bank of Azerbaijan, stated at a press conference today that the 50% increase in the coefficient for mandatory taxi insurance is due to the high loss ratio of these vehicles.
It was noted that in 2025, the loss ratio for compulsory motor insurance increased from 74% to 85%. In other words, the loss ratio rose by 11%, mainly driven by taxi operations.
“Compared to other segments, vehicles operating as taxis cover longer distances, which increases the frequency of accidents. However, increasing the coefficients only partially compensates for the losses and does not fully cover them,” Vusal Gurbanov added.
The Central Bank of Azerbaijan (CBA) has explained the reason for the increase in mandatory insurance costs for taxis.
Vusal Gurbanov, Director General of the Central Bank of Azerbaijan, stated at a press conference today that the 50% increase in the coefficient for mandatory taxi insurance is due to the high loss ratio of these vehicles.
It was noted that in 2025, the loss ratio for compulsory motor insurance increased from 74% to 85%. In other words, the loss ratio rose by 11%, mainly driven by taxi operations.
“Compared to other segments, vehicles operating as taxis cover longer distances, which increases the frequency of accidents. However, increasing the coefficients only partially compensates for the losses and does not fully cover them,” Vusal Gurbanov added.