CTP Premiums Growing

Members of the local Bureau of Compulsory Insurance (BCI) got premiums of AZN 45.8 million on the compulsory insurance of civil liability of vehicle owners (CTP) by August 1 (+ 20% to August 1 last year). According to the data of the accumulating structure, the amount was obtained on the basis of about 591 thousand contracts (15%).

Only in July they concluded 115,658 insurance contracts, which enabled to save 9.5 million manat.

Sale of insurance policies based on the new rates and conditions was launched on December 16, 2011. The basic rate (applies to vehicles with an engine capacity of 1,500 cubic cm) is set in the amount of 50 manat. The biggest factor of 5 is applied to the machines engine capacity of more than 5,000 cubic cm - 250 manat every year.

For buses and vans that transport passengers a number of seats from 9 to 16 is applied the factor 3, more than 16 seats - the coefficient 4. For freight the rate is 3 to 5, depending on the maximum load capacity. For motorcycles, tractors and other agricultural machinery the coefficient is 1.

BCI was established in the framework of the implementation of the law "On compulsory types of insurance". It includes 15 insurance companies, 11 of which are competent to provide services for insurance.

In 2014, CTP premiums in Azerbaijan amounted to 70 million 687.55 thousand manat. --17D-