Less contracts signed in Azerbaijan on civil liability insurance for motor vehicles
Baku, Azerbaijan, Apr. 6
By Azad Hasanli – Trend:
As many as 215,572 contracts of compulsory civil liability insurance for motor vehicles were registered in the system of the Compulsory Insurance Bureau of Azerbaijan (ISB) in January-March 2017, which is 10.2 percent less than in the first quarter of 2016, the ISB reported.
Premiums under these contracts amounted to about 16.85 million manats (a 16.6 percent decrease for the year). Of the total number of contracts, slightly more than 29,800 insurance policies were issued to the car owners who enter Azerbaijan for transit purposes.
The ISB includes 16 companies, 13 of which are authorized to sell policies of compulsory civil liability insurance for motor vehicles.
After the ‘Law on Types of Compulsory Insurance’ came into force in December 2011, the base cost of the motor vehicle compulsory civil liability insurance policy amounts to 50 manats and is used in regard to the 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 cars was 10 manats.
There are 21 insurance companies in Azerbaijan.