Policies on vehicle owners’ liability insurance rise 4% in Azerbaijan

Policies on vehicle owners’ liability insurance rise 4% in Azerbaijan

Baku, Azerbaijan, March 3

By Abbas Akhundov - Trend:

In February 2014, Azerbaijani insurance companies concluded over 48,000 insurance contracts for compulsory insurance of vehicle owners' civil liability and collected premiums totalling over 3.7 million manats.

Some 15,200 contracts included insurance of liability of vehicle owners registered outside Azerbaijan, but who are in the country for transit purposes. These contracts were signed for a period of one month, according to a message from the Azerbaijani Compulsory Insurance Bureau (CIB), which was established in line with the 'Law on compulsory insurance'.

The insurance companies began implementing this law starting from December 16, 2011.

Aside from compulsory insurance of vehicle owners' civil liability, the law also regulates compulsory insurance of liability in operating real estate and compulsory insurance of passengers.

The average premium for compulsory insurance of vehicle owners' civil liability in Azerbaijan in February, 2014 stood at 77.3 manats, according to the message.

The number of policies on this type of insurance increased by 3.9 percent, while the volume of premiums went up by 3.5 percent as compared to figures for February 2013.

CIB includes 14 companies.

When the 'Law on compulsory insurance' came into force, the cost basis of compulsory insurance of vehicle owner's civil liability stood at 50 manats when implemented with regard to those vehicles with an engine capacity of up to 1500 cubic centimetres.

With an increased engine size from 1500 to 5000 cubic centimetres, the value ratios ranging from 1.5 to five are implemented with regard to prices.

The value ratio of five is implemented for vehicles with an engine capacity over 5000 cubic centimetres.

Previously the insurance premium for all cars was 10 manats.

The contract with the owners of motor vehicles registered abroad and imported to Azerbaijan for transit purposes is signed for one month and the insurance amount is equal to 25 percent of the annual premium for such motor vehicles.

The official exchange rate on March 3 is 0.7844 AZN/USD.

Translated by E.A.

Edited by S.M.

US ambassador to Azerbaijan, USAID director meet with Azerbaijani MP
US ambassador to Azerbaijan, USAID director meet with Azerbaijani MP
U.S. requires inspections for wire failure on Boeing 737 Classic planes
U.S. requires inspections for wire failure on Boeing 737 Classic planes
Walmart says fully vaccinated employees can go without masks starting Tuesday
Walmart says fully vaccinated employees can go without masks starting Tuesday
Loading Bars
Latest
Azerbaijan's 4M2021 inflation rate disclosed
Britain to treble tree planting by 2024 to fight climate change
Switzerland sees potential in strengthening co-op with Azerbaijan in energy field
Argentina's COVID-19 death toll exceeds 70,000
Israel hits Hamas politburo leader’s house in Gaza
Turkey registers 11,472 new COVID-19 cases
SpaceX launches rocket with 54 satellites
Brazil reports 2,087 more COVID-19 deaths
France hits target of 20 mln first COVID-19 vaccinations: PM
Air raid sirens go off, explosions heard in Tel Aviv
9 missing in Indonesia's boat accident
IS claims responsibility for Kabul mosque attack
More than 677,000 COVID-19 infections detected worldwide over past 24 hours
Chamber of Commerce hopes Iran's trade to improve as COVID-19 spread declines
Iran to hold conference on electrical engineering
Weekly review of Azerbaijani oil market
Uzbekistan to restore air communication with Saudi Arabia
Georgian Parliament Speaker to pay official visit to Brussels
Britain reports 2,027 new COVID-19 cases, seven deaths
Emergency session of OIC to be held on May 16 at Turkey’s initiative, Ankara says
Turkey aims to create electric vehicle market
Uzbekistan imported more than 200 million liters of gasoline in Jan-Apr 2021
Iranian, Spanish FMs exchange views on economic, trade coop.
Kazakh, Polish, Ukrainian and Arabian airlines to resume flights to Batumi
All international airlines halt air service with Israel
IDF confirms its strike on Gaza building after advance warning to civilians
Azerbaijani and Tajik FMs discuss situation on Azerbaijani-Armenian border
Fitch Ratings forecasts inflation rate in Azerbaijan for 2021-22
Nordwind launches direct flights from St. Petersburg to Baku from May 18
US ambassador to Azerbaijan, USAID director meet with Azerbaijani MP
Shooting occurred on border with Iran, two Azerbaijani border guards were killed
Suez Canal starts dredging work to extend double lane
At least 2,300 missiles fired at Israel from Gaza Strip since May 10
Africa's COVID-19 cases pass 4.67 mln: Africa CDC
Turkish Airlines resumes flights to Azerbaijan's Ganja (PHOTO)
Azerbaijan shares data on number of vaccinated citizens for May 15
France's import value of Turkish cement rises
Azerbaijan confirms 377 more COVID-19 cases, 1,318 recoveries
Azerbaijan's government budget deficit to narrow in 2021-2022 - Fitch Ratings
Azerbaijan's olive oil company entering Russian market
Turkey's revenues from exporting electrical goods to France increase
Fitch Ratings anticipates Azerbaijan's GDP growth in 2021
Value of Georgia's import of Turkish clothes grows
China's import value of Turkish electrical goods up in 4M2021
Turkey unveils number of ships docking at Tuzla port in 1Q2021
French import of grains from Turkey rises in value
Fitch predicts growth in foreign direct investments in Azerbaijan
U.S. requires inspections for wire failure on Boeing 737 Classic planes
Azerbaijani oil prices rebound
Iran hoping to overcome 4-th peak of COVID-19
Iran worried about blackouts due to cryptocurrency mining at homes
Georgia increases exports of beer
Kazakhstan's import value of Turkish electrical goods disclosed
Kazakhstan’s postal operator to engage repair services via tender
Kazakh energy company opens tender for buying isolators
Uzbekistan's import value of Turkish electrical goods notably up
Walmart says fully vaccinated employees can go without masks starting Tuesday
Azerbaijani president, first lady visit secondary school No 1 and Saint Elisæus Jotaari Church in Nij settlement, Gabala (PHOTO)
Georgia reports 1,576 new cases of COVID-19
Iran hopes to start exporting gas if Vienna talks are successful
Iran's 4M2021 import of Turkish grains doubles in value
Turkey reveals 1Q2021 volume of cargo shipment via Trabzon port
Value of Turkish cement export to Germany rises
EBRD to back development renewable energy projects in Georgia
Azerbaijani president, first lady attend opening ceremony of Gabala Railway Station and Laki station - Gabala single-track railway (PHOTO)
Azerbaijani president, first lady attend opening ceremony of new bridge over Bum River, road to Bum settlement after renovation (PHOTO)
Azerbaijani president, first lady visit Albanian Church of Blessed Virgin Mary in Nij settlement, Gabala (PHOTO)
Azerbaijani president, first lady arrive in Gabala district (PHOTO)
Iran inaugurating more projects in Chabahar port
Romania’s Romgaz lowers natural gas output q-o-q
No provocative actions against Russian peacekeepers noted in Karabakh - MoD
Casualties due to landmines in Azerbaijani liberated territories addressed at online conference
India: Modi releases 8th instalment of PM-KISAN benefits
Fitch revises outlook on Azerbaijan's IDR
Armed forces spearhead India’s Covid battle
UN Secretary-General counts on cooperation with Russia in supporting peace and stability
Romgaz’s investments turn out to be 39% less than planned
Spain logged hottest year on record in 2020
Romgaz sees over 7% decrease in Q1 2021 revenues
Khari Bulbul festival in Azerbaijan's Shusha became message to the world - MP
TAP AG joins other partners to submit White Dragon for IPCEI status
UAE urges Mideast ceasefire, offers condolences to all victims
Vienna Energy Research Group talks Iran's capacity in oil production, int'l oil sales
Iran to invest in Afghanistan's infrastructure projects
Petrochemical revenues to become less volatile, says McKinsey & Co.
Tickets for UEFA EURO 2020 matches in Baku up on sale (PHOTO)
Georgia’s subsistence minimum up
Azerbaijan to have two routes to Turkey within BTK corridor
Europe has right conditions for "safe reopening" of tourism in summer - EU Commissioner
Georgian-Lithuanian co-op facilitates freight transport between China, Europe - Ministry
Jan.-Apr. 2021: Georgian wine export up 15%
Demand for domestic tourism on the rise in Kazakhstan
Some 300 applicants register for Presidential elections in İran
Turkey’s 87 tech zones exports reach $5.8 billion
China's probe lands on Mars
Kazakhstan keen to cooperate with Spain in water resources management
Number of active U.S. drilling rigs increases this week
Cuba reports record number of daily COVID-19 cases
Japanese lawyer implores Tokyo to cancel Olympics, 350,000 sign petition
Romania to ease COVID-19 restrictions from Saturday
All news