BAKU, Azerbaijan, February 24. A total of 150,807 real estate properties have been insured in Azerbaijan in accordance with the compulsory property insurance, Trend reports via Azerbaijan's Compulsory Insurance Bureau.
The bureau noted that the number of contracts concluded for residential premises amounted to 110,728, or 73.42 percent, and the number of contracts concluded for non-residential premises - 40,079 objects, or 26.58 percent.
In 2022, fees on the compulsory non-life insurance market of Azerbaijan amounted to 168.856 million manat ($99.3 million), accounting for 17.39 percent of all insurance market fees. Real estate insurance fees reached nearly 53.979 million manat ($31.75 million) in the reporting period, down by 13.64 percent compared to 2021.
The premium paid for this type of insurance amounts to 25,000 manat ($14,706) in Baku, 20,000 manat ($11,765) in Ganja, Sumgayit, and Nakhchivan, 15,000 manat ($8,823) in other districts.
Compulsory property insurance is provided by the Law of the Republic of Azerbaijan "On Compulsory Insurance". Compulsory property insurance is applied for the purpose of compensation for damage caused by fire or other disasters.