BAKU, Azerbaijan, April 1. Fees on the compulsory non-life insurance market of Azerbaijan amounted to 37.1 million manat ($21.8 million), accounting for 16.79 percent of all insurance market fees from January through February 2023, Trend reports via the Azerbaijani Central Bank's report.
According to the report, real estate insurance fees stood at 13.5 million manat ($7.9 million) in the specified period, up by 48.99 percent compared to the same period in 2022.
Meanwhile, the collected premiums for civil liability insurance for vehicle owners settled at 23.4 million manat ($13.7 million), having increased by 64.24 percent year over year.
In the first two months of this year, insurance compensation payments for all types of mandatory non-life insurance made up 17.54 million manat ($10.32 million), or 24.87 percent of all payments on the insurance market.
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Fees and payments for compulsory non-life insurance for 2M2023 |
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|
Types of non-life insurance |
Fees |
Share in compulsory non-life insurance (%) |
Payments |
Share in compulsory non-life insurance (%) |
|
Compulsory civil liability insurance of vehicle owners |
23.4 million manat ($13.7 million) |
63.2 |
17.2 million manat ($10.1 million) |
98.1 |
|
Mandatory real estate insurance |
13.5 million manat ($7.9 million) |
36.42 |
249,400 manat ($146,710) |
1.42 |
|
Obligatory civil liability insurance related to the use of immovable property |
120,900 manat ($71,120) |
0.33 |
2,000 manat ($1,176) |
0.01 |
|
Compulsory personal accident insurance of passengers |
14,100 ($56,472) |
0.04 |
- |
- |
|
Other types of compulsory insurance |
4,000 manat ($2,350) |
0.01 |
83,200 ($48,940) |
0.47 |
In total, Azerbaijani insurance companies collected insurance premiums worth over 221.06 million manat ($130.04 million) and paid out 70.5 million manat ($41.4 million) in the first two months of 2023.
In 2022, the real estate insurance fees reached nearly 53.9 million manat ($31.7 million), down by 13.64 percent compared to 2021.