BAKU, Azerbaijan, March 4. Fees on the compulsory non-life insurance market of Azerbaijan amounted to 13.9 million manat ($8.17 million), accounting for 10.41 percent of all insurance market fees in January 2023, Trend reports via the Azerbaijani Central Bank's report.
According to the report, real estate insurance fees reached nearly 2.6 million manat ($1.5 million) in the reporting period, down by 59.77 percent compared to the same period in 2022.
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.
Meanwhile, the collected premiums for civil liability insurance for vehicle owners settled at 11.27 million manat ($6.6 million), having increased by 53.02 percent year over year.
In January 2023, insurance compensation payments for all types of mandatory non-life insurance made up 8.1 million manat ($4.76 million), or 23.08 percent of all payments on the insurance market.
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Fees and payments for compulsory non-life insurance for January 2023 |
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Types of non-life insurance |
Fees |
Share in compulsory non-life insurance (percent) |
Payments |
Share in compulsory non-life insurance (percent) |
|
Compulsory civil liability insurance of vehicle owners |
11.27 million manat ($6.6 million) |
80.81 |
7.9 million manat ($4.6 million) |
97.54 |
|
Mandatory real estate insurance |
2.6 million manat ($1.5 million) |
18.82 |
140,400 manat ($82,588) |
1.72 |
|
Obligatory civil liability insurance related to the use of immovable property |
35,200 manat ($20,705) |
0.25 |
2,000 manat ($1,176) |
0.02 |
|
Compulsory personal accident insurance of passengers |
14,100 ($56,472) |
0.1 |
- |
- |
|
Other types of compulsory insurance |
700 ($411.76) |
0.005 |
57,200 ($33,647) |
0.7 |
In total, Azerbaijani insurance companies collected insurance premiums worth over 133.9 million manat ($78.7 million) and paid out 35.168 million manat ($20.68 million).