Azerbaijan, Baku, 20 May / Trend, A. Akhundov /
In January-April 2013, payments were made on 5,139 requests for mandatory vehicle owner liability insurance (CTP), payment was denied on nine requests and 211 are under consideration. In general, insurers paid 7.23 million manat for CTP during the reporting period, which exceeds the figure for the same period last year by 45.76 times.
In comparison, insurance companies made payments on 4,227 requests to the amount of 6.823 million manat in 2012, according to a report of the Compulsory Insurance Bureau established under the law on compulsory insurance in Azerbaijan, which came into force on December 16, 2011. The law also regulates compulsory property insurance and liability insurance which is required in to operate in the real estate market and compulsory insurance of passengers.
The lion share of payments (5,041 requests) in January-April was made for property damage claims. 74 insurance claims concerned cases of injury and 24 claims - deaths.
The Compulsory Insurance Bureau includes 12 companies: Paşa Sığorta, Atəşgah Sığorta Şirkəti, Standard Insurance Sığorta Şirkəti, AtaSığorta, Xalq Sığorta, AXA MBASK Sığorta Şirkəti, AZSIĞORTA, Alfa Sığorta, State-owned commercial insurance company "Azərsığorta", Meqa Sığorta, İpək Yolu Sığorta и Azərbaycan Sənaye Sığorta.
After the law 'On mandatory types of insurance' became effective on December 2011, the base cost of insurance for CTP totaled 50 manat. This applies to vehicles with an engine capacity of up to 1500 cubic centimeters. With the increasing volume of the engine (from 1,500-5,000 cubic centimeters), coefficients from 1.5 to 5 are added up to the cost. Coefficient 5 is used for cars with an engine capacity over 5,000 cubic centimetres.
The official exchange rate on May 20 is 0.7847 AZN / USD.