Baku, Azerbaijan, Nov. 3
By Azad Hasanli – Trend:
The Compulsory Insurance Bureau of Azerbaijan (ISB) registered 96,040 contracts of compulsory civil liability insurance for motor vehicles in October 2017, which is 21 percent more than in the same period of 2016, the ISB said Nov. 3.
The premiums collected under those contracts exceeded 7.6 million manats (a 16-percent growth for the year).
Of the total number of contracts, 14,199 insurance policies were issued for the owners of the cars that pass through Azerbaijan.
ISB registered 859,847 contracts of compulsory civil liability insurance for motor vehicles in January-October 2017.
The premiums collected under those contracts reached around 77.03 million manats.
E-contracts on compulsory civil liability insurance for motor vehicles have been registered in Azerbaijan since November 1, 2016. The paper contracts concluded before Oct. 31 were valid until the expiration date.
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 1,500 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 22 insurance companies in Azerbaijan.
(1.7003 manats = 1$ on Nov. 3)