Azerbaijani insurers receive over $2 million from workers comp and disability insurance

Photo: Azerbaijani insurers receive over $2 million from workers comp and disability insurance / Economy news

Baku, Azerbaijan, June 30
By Zulfiyya Gurbanova- Trend:

Three companies which have the right to engage in life insurance in Azerbaijan - "Pasha Hayat", "Ateshgah Hayat" and "Qala Hayat" collected more than 1.5 million AZN in May for insurance against accidents at work and disability caused by occupational diseases, the website of Azerbaijan's Compulsory Insurance Bureau (CIB) reported.

Some 1,458 contracts have been concluded on the specified type of insurance in May, according to the report.

"The volume of fees under these contracts amounted to 835,520 AZN," the report said.

Along with it, the changes have been made in 687 insurance policies in workers compensation and disability insurance during the months, and the amount of income insurers on them amounted to about 676, 430 AZN.

According to the introduced amendments to the insurance legislation of Azerbaijan in 2013, compulsory insurance against accidents at work and occupational diseases, which is carried out in the country by the life-companies included in the list of compulsory insurance regulated by the CIB.

The Compulsory Insurance Bureau was established in Azerbaijan in accordance with the law "On mandatory types of insurance".Bureau members are 15 companies.

All three life insurance companies operating in the country are included in the register of CIB member- companies.

Official exchange rate on June 30 is 0.7843 AZN / USD.

Edited by CN

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