In 2013 about 17,000 insurance cases on CTP registered in Azerbaijan

Business Materials 9 January 2014 10:24 (UTC +04:00)

Baku, Azerbaijan, Jan. 9

Abbas Akhundov -Trend

In 2013, 16,800 insurance cases on compulsory insurance of vehicle owners' liability (CTP) were registered in Azerbaijan, the Compulsory Insurance Bureau (ISB) said.

In Baku and the Absheron peninsula 78.9 percent of insurance cases were recorded, 3.42 percent in Sumgait, 2.09 percent in Ganja, 1.15 percent in Sheki, 1.03 percent in Barda and so forth, according to the bureau.

Only ISB members have the right to work on CTP. Some 12 companies are participants of the Compulsory Insurance Bureau: Pasa Sıgorta, Atesgah Sıgorta Sirketi, Standard Insurance Sıgorta Sirketi, AtaSıgorta, Xalq Sıgorta, AXA MBASK Sıgorta Sirketi, AZSIGORTA, Alfa Sıgorta, the state commercial insurance company Azersıgorta, Meqa Sıgorta, İpek Yolu Sıgorta and Azerbaycan Senaye Sıgorta.

In 2013, these companies paid 18,477 claims on CTP in the amount of 25.3 million manat.

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 centimeters. With the increasing volume of the engine (from 1,500 to 5,000 cubic centimeters), coefficients from 1.5 to five are added up to the cost. Coefficient five is used for cars with an engine capacity of over 5,000 cubic centimeters.

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 on Jan.9 is 0.7844 AZN/USD.