BAKU, Azerbaijan, Nov. 25
By Sadraddin Aghjayev - Trend:
The employer’s voluntary liability insurance fees increased by 12.4 percent in Azerbaijan from January through September 2021 compared to the same period of last year, the Central Bank of Azerbaijan (CBA) told Trend .
According to the CBA, regulating the local insurance market, fees in this segment reached 879,400 manat ($517,294) from January through September 2021 compared to 782,400 manat ($460,235) from January through September 2020.
The share of this type of insurance in the total fees for voluntary civil liability insurance amounted to 5.1 percent.
Insurance premiums for employer’s voluntary liability insurance from January through September 2021 were equal to zero compared to 18,300 manat ($10,764) during the same period of last year.
The employer's liability, determined upon the Azerbaijani legislation, envisages the obligations to the employee (his heirs) in terms of paying the monetary compensation in case of death, disability, bodily injury or other harm caused to the health of the employee while performing official duties through the fault of the employer.
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