Baku, Azerbaijan, Oct.3

By Azad Hasanli - Trend:

Payments were made for 1,816 claims on compulsory insurance of civil liability of vehicle owners (CTP) in Azerbaijan totaling over 2.2 million AZN in September 2014, the Compulsory Insurance Bureau of Azerbaijan said Oct.3.

Over 2.3 million AZN was paid for 1,810 claims in August 2014.

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

The volume of payments in September 2014 was 4.9 percent less than in August, and decreased by 5.1 percent compared to the same month last year.

The average size of payment for car damage amounted to 1 157.9 AZN.

In January-September, the Bureau made CTP payments of over 19.4 million AZN.

During the first 3 quarters compensation in the amount of 181,376 AZN for 56 insurance claims were paid.

The Compulsory Insurance Bureau includes 15 companies, 11 of which are authorized to sell policies of compulsory insurance of the third party liability.

After the law 'On compulsory insurance' came into force in December 2011, the basic cost of an insurance policy on CTP amounts to 50 AZN 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 AZN.

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

There are 27 insurance companies in Azerbaijan.

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