Payments on CTP doubled in April in Azerbaijan
Baku, Azerbaijan, May 1
By Ilaha Khalilova - Trend:
Payments were made on 2,056 claims on compulsory insurance of civil liability of vehicle owners (CTP) in Azerbaijan in the total amount of more than 2.64 million manat in April, 2014.
More than 1.2 million mantas in payment were made on 1,015 claims last month, Compulsory Insurance Bureau reported on May 1.
The table reflects data (in accordance with the type of damage) on the number and amount of insurance payments under requirements exposed to insurers:
Damage to motor vehicle Damage to property Damage to health In connection with the death of a person Total
Quantity Sum Quantity Sum Quantity Sum Quantity Sum Quantity Sum
1,908 2,347,066 69 109,800 54 64,500 25 120,500 2,056 2,641,866
The amount of payments made in April 2014, were 26 percent higher than the same period in 2013. The average size of a single payment for damage to a car was 1,230 manats.
The Bureau participants made payments on CTP in the amount of more than 7.7 million manat in January-April.
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.
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.
Official exchange rate on May 1 is 0.7843 AZN / USD.
Translated by S.I.
Edited by C.N.