Large employers in Azerbaijan insure their employees against accidents at work

Azerbaijan, Baku, July 4 / Trend A. Akhundov /

Large Azerbaijani employers have finished insuring their employees with compulsory insurance against accidents and occupational diseases, head of the State Insurance Supervision Service Namig Khalilov told media today.

"This process is underway as there are also small and medium-sized employers," Khalilov said.

He added that there are no urgent appeals to the Finance Ministry for a license to establish a specialized life insurance company.

Three companies have the right to engage in life insurance in Azerbaijan, - Pasa Heyat, Atesgah Heyat and Qala Heyat. They collected 20.62 million manat in January-May 2012 for all types of life-insurance. This exceeds the figure by 55.3 percent for January-May 2011.

According to the Finance Ministry, the share of premiums for life insurance in the total amount of the companies' fees declined from 15.36 to 14.25 percent per year.

The payments for these kinds also increased. The compensations worth 425,130 manat were paid in January-May 2012, or 4.92 times more than in January-May 2011.

The companies collected about 14.12 million manat on compulsory insurance and disability resulting from occupational diseases and accidents at work for the first five months of 2012. This is more than in the same period of 2011 by 18.26 percent.

The official exchange rate is 0,7856 AZN/USD on July 4.

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