Baku, Azerbaijan, April 4
By Abbas Akhundov - Trend:
Azerbaijani insurance companies issued 24,562 policies on compulsory insurance of real estate in March, which is 3.3 times more than in March 2013. The fees on these contracts amounted to 1.54 million manat, the compulsory insurance bureau said on April 3.
Real estate insurance was established in accordance with the law on "Mandatory types of insurance" that went into effect on December 16, 2011.
Besides the law regulating the compulsory property insurance and compulsory liability insurance in the real estate, it regulates compulsory insurance of liability of vehicle owners and compulsory insurance of passengers.
Housing was insured at 90.8 percent of the insurance policy, 0.2 percent of this administrative buildings, 9 percent other real estate.
Some 19 percent of the housing insured in March was in Baku, 8 percent in Astara, 7 percent in Sumgait, 6 percent in Ganja, 5 percent in Qazakh, 4 percent in Sabirabad, 4 percent in Ujar, 4 percent in Beylagan, 3 percent in Salyan, and 40 percent in other regions.
Some 339 contracts on compulsory insurance of liability in the real estate were signed in March.
Their fees amounted to 25,300 manat, while on compulsory insurance of passengers two contracts worth 222 manat.
The number of contracts on compulsory insurance of liability in the real estate increased by 1.5 times compared to March 2013.
The bureau participants are 14 companies.
The official exchange rate is 0.7843 AZN/USD on April 4.
Translated by NH
Edited by CN