Azerbaijan, Baku, Aug. 1 / Trend I.Khalilova /
Since the beginning of a new law on compulsory types of insurance in Azerbaijan, i.e. since December 16, 2011 to August 1, 2012, about 539,900 contracts were signed through the Information System of Bureau of compulsory insurance in the form of compulsory insurance of liability of owners of motor vehicles (CTP).
Fees on these contracts amounted to 41.3 million manat, the Bureau told Trend on Wednesday.
Some 74,500 contracts were signed in July, 20,800 of which accounts for liability of owners of cars registered outside of Azerbaijan. Some 6 million manat was collected through CTP in July.
The number of contracts and the amount of CTP insurance premiums on them declined by 2.6 per cent and 1.6 per cent respectively in July compared to June. In June these figures compared to the previous month decreased by 35.39 and 31.46 percent respectively.
During July, the average number of vehicles that entered the territory of Azerbaijan for transit purposes, amounted to 672 units per day.
There are more than 1 million vehicles in Azerbaijan. Some 73,337 vehicles were registered last year. Currently, there are 42 cars per 100 families.
About 50 per cent of the cars available in the country were insured through the new CTP as of August 1.
As of August 1, some 1021 claims for indemnity on the CTP were made to 12 insurance companies participating in the Bureau.
"Payments were made for 904 from the registered insurance claims, four payments were denied, 113 insurance claims are pending," the Bureau said.
The total amount of payments on insurance claims totaled 1.36 million manat.
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 accepted in respect of cars with an engine capacity of up to 1500 cubic centimetres (cc). With increasing engine volume (from 1500 to 5000cc) ratios from 1.5 to 5 are used to value. For vehicles with an engine capacity of more than 5000cc the ratio five is used.
The contract with the owners of vehicles registered abroad and imported to Azerbaijan for transit purposes is concluded for one month. The amount of insurance is 25 per cent of the annual premium for these funds.
The official exchange rate is 0.7855 AZN to $1 on August 1.