CTP Insurance Prevails among Compulsory Insurance Services

The State Insurance Supervision Service of the Ministry of Finance released data (http://sigorta.maliyye.gov.az) on the performance of the insurance market by October 1.

According to official figures, the Bureau of Compulsory Insurance raised 80 million 670.24 thousand manats in January-September (+23.8% as of 1 October last year).

Most of the charges (58 million 297.93 thousand manats) fell on insurance of civil liability of vehicle owners to third parties or CTP. This was followed by mandatory property insurance of natural persons - 21 million 981.82 thousand manats. A much smaller proportion (286.08 thousand manats) is observed in civil liability insurance of realty operation (minus 7.5% for the year) and in the insurance of passengers - 104.4 thousand manats (minus 11.9%).

In January-September a total of 25 million 263.86 thousand manats was paid (+ 11.6%). Almost all of that (24 million 474.84 thousand manats) was in CTP, while 788.12 thousand mantas was in the insurance of real estate of individuals (minus 48.7%).

The law "On compulsory types of insurance" covers 4 types of general insurance and insurance against accidents and illnesses in the workplace. Members of the Bureau of Compulsory Insurance established under the said law are 15 insurance companies. --17D-

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