Compulsory insurance payments up in Azerbaijan

Economy Materials 1 March 2020 22:38 (UTC +04:00)
Compulsory insurance payments up in Azerbaijan

BAKU, Azerbaijan, March 1

By Yusif Agayev – Trend:

The amount of insurance payments made by insurance companies in Azerbaijan in January 2020 has increased significantly compared to January 2019, Trend reports citing a report released by the country's Central Bank.

Insurance companies in Azerbaijan paid 26.185 million manats in January 2020, which is 9.029 million manats or 52.6 percent more than in the same period in 2019.

Payments in the compulsory insurance segment have increased, reaching 6.959 million manats, an increase of 0.597 million manats or almost 9.3 percent.

In the field of compulsory insurance against industrial accidents and occupational diseases, the amount of insurance payments has significantly decreased compared to January 2019, amounting to 0.220 million manats (compared to 0.390 million manats in the reporting period last year – a decline of 56 percent). On the contrary, compulsory liability insurance for motor vehicle owners increased to 5.897 million manats, an increase of 0.465 million manats compared to January 2019 (an increase of 8.5 percent), while compulsory real estate insurance reached 0.607 million manats, an increase of 0.3 million manats or almost twice. No payments were recorded for other types of compulsory insurance in January 2020.

In accordance with the legislation, there are five mandatory types of insurance in the non-life insurance segment and one type in the life insurance segment in Azerbaijan. In addition, there are several special types of compulsory insurance (military personnel, law enforcement officers, etc.), the implementation of which is the exclusive responsibility of the state commercial insurance company of Azerbaijan.

Compulsory insurance in Azerbaijan is carried out by insurance companies that have a license for a certain type of compulsory insurance and are part of the compulsory insurance bureau. At the moment, there are 16 such companies.

Currently, there are 22 insurance companies and one reinsurance company in Azerbaijan.