Members of the Bureau of Compulsory Insurance collected 4.4 million manat in March

In March, the local insurance companies - members of the Bureau of Compulsory Insurance (ISB) within the civil liability of owners of vehicles (CTP) collected just over 4.4 million AZN ( +2.4 % compared with the same period last year).

According to the information on the organization's website, 12 insurers in February concluded 61,215 contracts of CTP insurance, including about 19,800 transit agreements for foreign vehicles (an insurance contract is concluded for a period of 1 month or 1 year).

The average size of the insurance contract concluded in February this year amounted to 72.9 manat.

In Azerbaijan since December 16, 2011, the sale of policies on CTP started with new rates and conditions. The basic rate (50 manat) applies to vehicles with an engine capacity of up to 1,500 cc. The maximum coefficient is 5 , it applies to cars with engine capacity exceeding 5,000 cc (the owner pays 250 manats per year). Tractors and other farm equipment are not counted, because their owners pay the standard 50 manats.

For buses and vans that transport passengers with the number of seats from 9 to 16, the 3 coefficient is applied to the base rate and for those with more than 16 seats the coefficient 4 is applied.

For trucks the coefficient ranges from 3 to 5, depending on the maximum capacity.

The maximum insurance compensation for damage to property within the CTP is 5,000 manats. The same amount paid for each participant in an injury accident with a total limit for one event is 50,000 manat.

According to the State Insurance Supervision Service, last year's premium for ISB members on CTP totaled 69,376,500 manats. -17D-

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