Baku, Azerbaijan, Feb.3
By Azad Hasanli - Trend:
Payments were made for 1,718 claims on compulsory insurance of civil liability of vehicle owners (CTP) in Azerbaijan totaling 1.954 million AZN in January 2015, the Compulsory Insurance Bureau of Azerbaijan said.
The volume of payments increased by 17.9 percent, while the number of claims increased by 32.6 percent, compared to the same period last year.
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:
|
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 |
|
1 611 |
1 743 769 |
40 |
56 424 |
47 |
54 000 |
20 |
100 000 |
1 718 |
1 954 193 |
The bureau paid compensation in the amount of 20,750 AZN for 5 insurance claims in January 2015.
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 Feb.3 is 0.7844 AZN/USD.
Edited by CN
Follow the author on Twitter: @AzadHasanli