Azerbaijan, Baku, Dec 7 /Trend A.Akhundov/
Compulsory liability insurance of vehicle owners (CTP), introduced in Azerbaijan within the framework of the law on compulsory insurance in 2011, covers more than 80 percent of the motor vehicles in the country, executive director of the Compulsory Insurance Office Elxan Quliyev said during a speech at the First National Forum of insurance agents in Baku.
"Some 750,000 cars passed technical inspection in Azerbaijan in 2011. Given that the annual number of cars is increasing by an average of 50,000 cars, now there are about 800,000" Guliyev said.
Guliyev noted that on average, 1,986 CTP contracts are registered in the information base per day, sometimes the number of agreements may reach seven or eight thousand. The average cost of a contract is 93 manat.
More than 866,000 contracts were concluded through the Information Bureau of CTP Iin January-November 2012. Contract fees amounted to 68.5 million manat.
More than 74.1 thousand contracts for CTP were conducted in November, 20.4 thousand of which accounted for the insurance of owners of motor vehicles registered outside of Azerbaijan
The participants of the Bureau of compulsory insurance are Pasha Sıgorta, Ateshgah Sıgorta Sirketi, Standard Insurance Sıgorta Sirketi, AtaSıgorta, Xalq Sıgorta, AXA MBASK Sıgorta Sirketi, AZSIGORTA, Alfa Sıgorta, state commercial insurance company "Azersıgorta", Meqa Sıgorta, Ipek Yolu Sıgorta and Azerbaycan Senaye Sıgorta.
After the new law 'On mandatory types of insurance' came into force, the basic cost of insurance was 50 manat and was accepted in respects to cars with an engine capacity of up to 1500 cubic centimeters (cc). With increasing engine volume (from 1500 to 5000cc) ratios from 1.5 to 5 are used to set value. For vehicles with an engine capacity of more than 5000cc the ratio five is used.
Contracts for vehicle owners registered abroad who then import their vehicles to Azerbaijan for transit purposes are good for one month. The amount of insurance is 25 per cent of the annual premium for these funds.
Official exchange rate on Dec 7 is 0.7848 AZN/USD