Baku, Azerbaijan, Sept. 8
By Azad Hasanli – Trend:
The Compulsory Insurance Bureau of Azerbaijan (ISB) registered 114,555 contracts of compulsory civil liability insurance for motor vehicles in August 2017, which is 23 percent more than in the same period of 2016, the ISB reported.
The premiums collected under these contracts exceeded 8.8 million manats (a 20 percent growth for the year).
Of the total number of contracts, 17,903 insurance policies were issued for the owners of the cars that 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 a motor vehicle compulsory civil liability insurance policy is 50 manats and is applied to the cars with an engine capacity of up to 1500 cubic centimeters.
As the volume of the engine increases from 1,500 to 5,000 cubic centimeters, coefficients from 1.5 to 5 are added up to the cost. Coefficient 5 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.