CTP payments in Azerbaijan exceed $ 25 million in 2013

Business Materials 7 November 2013 14:56 (UTC +04:00)

Baku, Azerbaijan, Nov. 7

By Ilaha Khalilova -Trend:

In October 2013, payments were made on 1 737 claims on compulsory insurance of civil liability of vehicle owners (CTP) in Azerbaijan to the sum of 2.3 million manat.

This was stated on Nov.7 in 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 the compulsory property and liability insurance required in the operation of real estate and compulsory insurance of passengers.

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

Damage to motor vehicle

Damage to property

Damage to health

In connection with

the death of a person












1 641

2 125 711


58 622


47 649


70 000

1 737

2 301 982

In October, the average sum of payments made for the damage to motor vehicle amounted to 1 295 manat.

In January-October 2013, on 14 308 claims insurers made payments to the sum over 19.8 million manat.

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, Государственная коммерческая страховая компания "Azərsığorta", Meqa Sığorta, İpək Yolu Sığorta и Azərbaycan Sənaye Sığorta.

After the law 'On compulsory insurance' came into force in December 2011, the basic cost of an insurance policy on CTP amounts to 50 manat 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 of 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 equals 25 percent of the annual premium for the vehicle.

The official exchange rate for November 7 is 0.7843 AZN / USD.