Number of policies on CTP increased by 1.6 times in Azerbaijan

Baku, Azerbaijan, May 2
By Ilaha Khalilova - Trend:

Azerbaijani insurance companies concluded 94.952 insurance contracts for compulsory liability insurance of vehicle owners (CTP) in April 2014 on which collected premiums totaling more than 6.7 million manat.

The number of contracts increased 1.6 times, and the amount of insurance fees on CTP - 1.5 times compared to March.

The liability of owners of motor vehicles registered outside of Azerbaijan, but on its territory for transit purposes were insured on 17,000 contracts. Their number decreased by 14.14 percent compared to March.

The contract with the owners of vehicles registered abroad and imported to Azerbaijan for transit purposes, is concluded for a month or one year, and the insurance amount totals 25 percent of the annual premium for such a vehicle.

This was stated 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, compulsory insurance against industrial accidents and occupational diseases.

The average size of the insurance premium on CTP in Azerbaijan was 71.3 manat in April, which is 1.75 manat less than the same period last year.

The number of policies on CTP decreased by 16.9 percent, the volume of fees for this type - by 18.9 percent, compared to April, 2013.

Number of Compulsory Insurance Bureau participants reaches 15 companies.

Since 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 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.

Official exchange rate on May 1 is 0.7843 AZN / USD.

Translated by S.I.
Edited by C.N.

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