CTP payments increase in Azerbaijan

Baku, Azerbaijan, Dec.3

By Anvar Mammadov - Trend:

Payments were made for 1,309 claims on compulsory insurance of civil liability of vehicle owners (CTP) in Azerbaijan totaling 1.46 million manats in November 2015, which is 0.24 percent more than in October 2015 (a 11.69 percent increase in the number of claims), the Compulsory Insurance Bureau of Azerbaijan said.

The official exchange rate on Dec.3 is 1.0512 AZN/USD.

The volume of payments increased by 23.73 percent, while the number of claims increased by 28.71 percent, compared to the same period last year.

The table reflects data (in accordance with the type of damage) on the number and amount of insurance payments under the requirements exposed to insurers:

In November 2015, the average amount of insurance payments in connection with damage to vehicles was 1,117 manats. The bureau paid compensation in the amount of 34,500 manats for 8 insurance claims in November 2015.

The bureau paid compensation in the amount of 311.446 manats for 92 insurance claims during 11 months of 2015.

The Compulsory Insurance Bureau includes 15 companies, 11 of which are authorized to sell policies of compulsory insurance of the third party liability.

After the law 'On compulsory insurance' came into force in December 2011, the basic cost of an insurance policy on CTP amounts to 50 manats and is used in regard to cars with an engine capacity of up to 1500 cubic centimeters. With the increasing volume of the engine (from 1,500 to 5,000 cubic centimeters), coefficients from 1.5 to five are added up to the cost. Coefficient five is used for cars with an engine capacity of over 5,000 cubic centimeters.

Previously, the insurance premium for all passenger cars was 10 manats.

There are 27 insurance companies in Azerbaijan.