CTP payments on motor vehicle damage in Azerbaijan increase by 21.7%
Baku, Azerbaijan, Feb. 4
By Azad Hasanli - Trend:
In January 2015, Azerbaijani insurance companies paid 1.74 million AZN on compulsory insurance of vehicle owners (CTP) in connection with damage to motor vehicles, which is 21.7 percent or 310, 490 AZN more compared to the same period last year, said a message posted on the website of the Bureau of compulsory insurance of Azerbaijan.
The official exchange rate on February 4 is 0.7844 AZN / USD.
The average volume of insurance payments in connection with the motor vehicle damage totaled 1,082 AZN.
More than half (66 percent) of payments on this type of insurance did not exceed 1, 000 AZN, 26 percent - from 1, 000 to 3, 000 AZN, 8 percent - from 3, 000 AZN to 5, 000 AZN.
CTP payments on 1, 718 claims totaling 1,954 million AZN were made in total during the last month, fees amounted to 5.1 million AZN.
The volume of payments increased by 17.9 percent and fees - by 35.7 percent, compared to the same period last year.
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.
Edited by CN
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