Baku, Azerbaijan, Feb.4

By Abbas Akhundov - Trend:

Payments were made on 1,296 claims on compulsory insurance of civil liability of vehicle owners (CTP) in Azerbaijan to the sum of 1.66 million manat in January 2014. Some 738 claims are under consideration, the Compulsory Insurance Bureau of Azerbaijan said on Feb.3.

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

The volume of payments in 2013 exceeded the volumes of 2012 by 3.7 times. The number of payments increased by 15 percent. The average volume of one payment amounted to 1,212 manat.

The Compulsory Insurance Bureau includes 12 companies: Pasha Sigorta, Ateshgah Sigorta Shirketi, Standard Insurance Sigorta Shirketi, AtaSigorta, Xalq Sigorta, AXA MBASK Sigorta Shirketi, AZSIGORTA, Alfa Sigorta, Azersigorta State Commercial Insurance Company, Meqa Sigorta, İpek Yolu Sigorta and Azerbaycan Senaye Sigorta.

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, the 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 Feb.3 is 0.7843 AZN/USD.

Translated by L.Z.

Edited by C.N.