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CTP payments hit $8.7 million in Azerbaijan in 2012

Business Materials 12 January 2013 15:02
In 2012, payments were made on 4227 requests for mandatory liability insurance of vehicle owners (CTP), payment was denied to 32 requests and 276 are under consideration. In general, over the last year the insurers paid 6.83 million manats for CTP.

Azerbaijan, Baku, Jan 12 / Trend I.Khalilova/

In 2012, payments were made on 4227 requests for mandatory liability insurance of vehicle owners (CTP), payment was denied to 32 requests and 276 are under consideration. In general, over the last year the insurers paid 6.83 million manats for CTP.

This was stated in a report of the Compulsory Insurance Bureau, established under the law operating on compulsory insurance in Azerbaijan, which came into force on December 16, 2011. The law also regulates the compulsory property and liability insurance required in the operation of real estate and compulsory insurance of passengers.

Overall, last year, the insurance companies which are members of Compulsory Insurance Bureau, registered 4535 requests for CTP insurance via the bureau's information system.

During the reporting period through the information system, the bureau concluded 917,370 policies on CTP, for which premiums were paid to the company at a total of 72 million manats.Some 224,509 contracts were concluded on liability insurance of motor vehicle owners registered outside of Azerbaijan, but used on the territory of Azerbaijan for transit purposes.

These contracts are concluded for a period of one month. Some 692,861 contracts were signed with vehicle owners for a period of one year.

Some 12 companies are taking part with the Compulsory Insurance Bureau: Paşa Sığorta, Ateshgah Sıgorta Shirketi, Standard Insurance Sıgorta Shirketi, AtaSıgorta, Xalq Sıgorta, AXA MBASK Sıgorta Shirketi, AZSIGORTA, Alfa Sıgorta, State commercial insurance company 'Azersıgorta', Meqa Sıgorta, İpek Yolu Sıgorta and Azerbaycan Senaye Sıgorta.

After the law 'On compulsory insurance' came into force in December 2011, the basic cost of an insurance policy on CTP amounted to 50 manats and is used in regard to cars with an engine capacity of up to 1500 cubic centimetres. With the increasing volume of the engine (from 1500 to 5000 cubic centimetres), coefficients from 1.5 to 5 are added up to the cost. Coefficient 5 is used for cars with an engine capacity over 5000 cubic centimetres.

Previously, insurance premium for all passenger cars was 10 manat.

The contract with the owners of vehicles registered abroad and imported to Azerbaijan for transit purposes was signed for a period of one month, and the insurance amount is equal to 25 percent of the annual premium for the vehicle.

The official exchange rate on January 12 is 0.7848 AZN / USD.

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