BAKU, Azerbaijan, April 1. The volume of the compulsory insurance fees against loss of professional disability due to industrial accidents and occupational diseases increased by 7.56 percent over the year, Trend reports via the Central Bank of Azerbaijan (CBA).
According to the CBA, which regulates the local insurance market, fees in the segment from January through February 2023 amounted to 12.5 million manat ($7.3 million) against 11.6 million manat ($6.8 million), compared to the same months last year.
Insurance payments for compulsory insurance against loss of professional ability to work due to industrial accidents and occupational diseases decreased by 14.9 percent to 382,800 manat ($225,176) year on year.
The share in the total insurance fees and payments for the reporting period amounted to 5.66 percent and 0.54 percent, respectively.
Moreover, compulsory insurance against loss of professional ability to work as a result of industrial accidents and occupational diseases is a type of insurance that provides for the payment of insurance compensation in connection with loss of professional ability to work or death as a result of damage caused to the life and health of persons insured against loss of professional ability to work as a result of industrial accidents and occupational diseases.
Overall, insurance companies in Azerbaijan collected insurance premiums worth over 221 million manat ($123 million), and payments amounted to 70.5 million manat ($41.4 million).