Local insurance companies - members of the Bureau of Compulsory Insurance for compulsory civil liability insurance of vehicle owners (CTP) received a total of 72,282,110 manats of awards (figures from the State Insurance Supervision Service).
According to the Bureau, for all of last year in the framework of the law "On compulsory insurance" concluded 917,370 insurance contracts by CTP, of which 224 509 - transit contract (insurance of vehicles registered abroad).
According to the Bureau, in 2012, paid for CTP insurers totaled about 6.83 million manat. In general, the market registered 4,535 claims for insurance compensation on the CTP. Of these, 4,227 cases were met. From 276 cases under investigation in 32 cases the investigation was denied.
Every day, on average, according to estimates, there are 1986 contracts for CTP, and the average insurance premium for one contract is 93 manats. However, about 76.5% of CTP contracts fall on cars. At a monthly breakdown turns out that this year the most CTP premiums were received in October, with a volume of 9.243 million manat, and most insurance policies (123 043) were made in April.
As previously reported, in Azerbaijan on December 16, 2011, the sale of CTP insurance policies started with new tariffs and conditions.
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 out of which 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 capacity up to 1500 cc. Ratios from 1.5 to 5 are used for the engine. For vehicle engine capacity of more than 5 thousand cc the coefficient is 5, i.e. the insurance rate is 250 manat.
For buses and vans involved in the transport of passengers with the number of seats from 9 to 16 the ratio will be applied to the three basic rates and for those with more than 16 seats - the coefficient 4.
For trucks the factor of 3 to 5 will depend 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 the bonus-malus system is applied.
According to the law, the CTP insurance amount for damage to property is 5,000 AZN, the sum insured for damage caused to health, one person is 5,000 AZN, and overall limit per one insured event is 50,000 manats. Thus, the maximum amount of coverage for the CTP can reach 55 thousand manats. - 17D-
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