Azerbaijan, Baku, June 10 / Trend, E.Aliyev /
In January-May 2013, payments were made on 6458 requests for compulsory third party liability insurance of motor vehicles (CTP), and 230 are under consideration.
In general, insurers paid 8.99 million manats for CTP during the reporting period which exceeds those for 2012 by 24 per cent.
In comparison, insurance companies made payments on 4227 requests to the amount of 6.823 million manats for the entire 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.
Besides the CTP, the law also regulates compulsory property and liability insurance which is required during the maintenance of property and compulsory insurance of passengers.
According to the report, most of the payments (89 per cent or 8.07 million manats) were made on insurance agreements, signed in 2012. Of that figure, 11 per cent, or 0.92 million manats fall on payments made on contracts signed in the current year.
The Compulsory Insurance Bureau includes 12 companies: Paşa Sığorta, Atəşgah Sığorta Şirkəti, Standard Insurance Sığorta Şirkəti, AtaSığorta, Xalq Sığorta, AXA MBASK Sığorta Şirkəti, AZSIĞORTA and Alfa Sığorta, the state owned commercial insurance company Azərsığorta, Meqa Sığorta, İpək Yolu Sığorta and Azərbaycan Sənaye Sığorta.
After the law 'On mandatory types of insurance' became effective on December 2011, the base cost of insurance for CTP totalled 50 manats. This applies to vehicles with an engine capacity of up to 1500 cubic centimetres. With the increasing size of engines, from 1500-5000 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.
The official exchange rate on June 10 is 0.7848 AZN / USD.