BAKU, Azerbaijan, September 4. Fees on the compulsory non-life insurance market in Azerbaijan amounted to 152.4 million manat ($89.6 million), or 20.01 percent of all insurance fees from January through July 2023, Trend reports via Azerbaijani Central Bank's report on the insurance market.
The Central Bank of Azerbaijan (CBA) said this figure in the reporting period reached 58.9 million manat ($34.6 million) with an increase of 60.4 percent over the year.
Meanwhile, fees in the segment of civil liability insurance of car owners grew by 56.63 percent to 92.6 million manat ($54.4 million) in a year.
Moreover, from January through July 2023, insurance indemnity payments by companies for all types of compulsory non-life insurance totaled 60.17 million manat ($35.39 million), or 21.26 percent of insurance market payments.
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Fees and payments for compulsory non-life insurance from January through July 2023 |
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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 |
92.6 million manat ($54.4 million) |
60.78 |
56.6 million manat ($33.29 million) |
94.16 |
|
Mandatory real estate insurance |
58.9 million manat ($34.6 million) |
38.66 |
3.24 million manat ($1.9 million) |
5.39 |
|
Obligatory civil liability insurance related to the use of immovable property |
801,900 manat ($471,710) |
0.52 |
8,800 manat ($5,180) |
0.01 |
|
Compulsory personal accident insurance of passengers |
48,300 manat ($8,410) |
0.03 |
0 |
- |
|
Other types of compulsory insurance |
22,700 manat ($13,350) |
0.01 |
268,900 manat ($158,180) |
0.44 |
Overall, insurance companies in Azerbaijan collected insurance premiums worth 761.8 million manat ($448.1 million), and payments amounted to 282.9 million manat ($166.4 million).