Number of “Liability insurance” policies in Azerbaijan increases in January

Baku, Azerbaijan, Feb. 4

Trend - A. Akhundov

Azerbaijani insurance companies signed over 50, 844 insurance contracts on compulsory insurance of the responsibility of owners of automobile vehicles "Liability insurance", on which premiums in the amount of over 3. 7 million manats have been collected.

Owners of cars registered outside Azerbaijan but transiting through the country has been insured, the Compulsory Insurance Bureau, which was created in accordance with the law "On compulsory types of insurance", said. These treaties are signed for one month.

Insurance companies started the implementation of the law in December 16 , 2011.
According to the information, the average premium in Azerbaijan in January was 82. 4 manats. Compared to January 2013, the number of policies increased by 3.3 percent, the volume of taxes was 4.7 percent.

Participants of ISB (The Compulsory Insurance Bureau) are 12 companies namely, Pasha Sigorta, Ateshgah Sıgorta Shirketi, Standard Insurance, AtaSıgorta, Xalq Sıgorta, AXA MBASK, Azsıgorta, Alfa Sıgorta, the Azərsıgorta State commercial insurance company, Meqa Sıgorta, İpek Yolu Sıgorta and Azerbaycan Senaye Sıgorta.

The Compulsory Insurance Bureau was established in Azerbaijan in accordance with the law on 'Compulsory types of insurance' which regulates four types of compulsory insurance such as real estate, liability of owners of vehicles (CTP), passenger insurance and civil liability insurance in the operation of real estate. The insurance companies started the application of the law on December 16, 2011.

After the law 'On compulsory insurance' came into force in December 2011, the basic cost of an insurance policy on compulsory civil liability insurance of vehicle owners amounted to 50 manats 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 over 5000 cubic centimetres.

Previously, the insurance premium for all passenger cars was 10 manats.

The official exchange rate on February 3 is 0,7843 AZN/USD.

Translated by R.A.

Edited by C.N.

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