Fees for CTP in Azerbaijan increase by nearly 36%
Baku, Azerbaijan, Feb.3
By Azad Hasanli- Trend:
In January 2015, fees of Azerbaijani insurance companies on compulsory insurance of vehicle owners (CTP) amounted to 5.1 million AZN, which is a 35.7 percent increase compared to the same period last year, said the report of the Bureau of compulsory insurance in Azerbaijan, published on its website.
The official exchange rate for February 3 is 0. 7844 AZN / USD.
In January 2015, 65,933 insurance contracts were concluded, which is 30.3 percent higher than the number of vehicles involved in the CTP. Some 16, 700 vehicles of them were registered abroad and imported into the territory of Azerbaijan for transit purposes.
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.
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.
Some 931,464 insurance contracts were concluded in total in 2014.
Previously, the insurance premium for all passenger cars was 10 AZN.
There are 27 insurance companies in Azerbaijan.
Edited by CN
Follow the author on Twitter: @AzadHasanli