In January signed 50,000 contracts for CTP

Since the beginning of the year (as of February 1) there were concluded 30,200 insurance contracts (except for transit facilities with a term contract for 1 month) under the CTP.

In 12 companies - members of the Bureau of Compulsory Insurance for all CTP contracts, including transits, there were done 49,400 insurance contracts, with total premiums amounting to 3.6 million manat. Compared to the same month last year, there was an increase rate of 53%. With nearly three-quarters (about 76.5%) of CTP contracts falls on cars.

As previously reported, in Azerbaijan since December 16, 2011, the sale of CTP insurance policies abides by new tariffs and conditions.

The Bureau of Compulsory Insurance is doing everything to attract the liability insurance of car owners in the country.

According to Elkhan Guliyev, Executive Director of the Bureau, now over 80% of actively used motor vehicles is involved in the CTP. In the past year, according to the road traffic police AR, technical inspection carried 750,000 vehicles. According to official estimates, each year the Republic fleet expands to 50,000 units.

The Bureau of Compulsory Insurance was created in the framework of implementation of the law "On compulsory types of insurance." Bureau members are 12 insurance companies and 11 companies have the right to insure the CTP. In the framework of the law "On compulsory insurance" CTP introduced a new tariff system. In particular, the base rate is set at 50 manat for cars engine displacement up to 1,500 cc. For the engine they use ratios from 1.5 to 5. For a vehicle capacity exceeding 5,000 cc the coefficient is 5, i.e. insurance rate is 250 manat.

For buses and vans involved in the transport of passengers, the number of seats from 9 to 16 the ratio will be applied to three basic rates, more than 16 seats - the coefficient 4.

For trucks the factor is from 3 to 5, depending on the maximum load capacity. For motorcycles, tractors and other agricultural machinery factor is minimal.

In addition, when determining the amount of insurance premium for CTP also applies a bonus-malus system.

According to the law, the CTP insurance amount damage to property is 5000 manats, the sum insured for damage caused to health, per person is 5,000 manat and overall limit per one insured event is 50,000 manat. Thus, the maximum amount of coverage for the CTP could reach 55,000 manat.- 17D-