Azerbaijan: Compulsory insurance of real estate rose 5%
Baku, Azerbaijan, Aug. 7
By Azad Hasanli - Trend:
Insurance companies (IC) of Azerbaijan enclosed 8 076 contracts on compulsory insurance of real estate, fees for which amounted to 1,282,916 manat, Compulsory Insurance Bureau (ISB) of Azerbaijan reported on Friday.
The number of contracts for this type of insurance decreased by 26 percent, but the amount of fees increased by five percent, compared to the same period of last year.
Insured items for 6 062 of these contracts were residential houses and apartments, 15 - administrative buildings, 1 999 - other real estate.
In the reporting period, there were also concluded 167 insurance contracts on compulsory insurance of civil liability in connection with the operation of real estate. The number of registered contracts for compulsory individual insurance of passengers against accidents was 28.
Currently, 13 insurance companies operate in the country in the field of compulsory insurance of real estate (OJSC Ateshgah Insurance, OJSC Standard Insurance, OJSC AtaInsurance, OJSC Xalq Insurance, OJSC PASHA Insurance, OJSC AXA MBASK, OJSC AzInsurance, State Insurance commercial company AzerInsurance, OJSC Meqa Insurance, OJSC Silkway Insurance, OJSC Azerbaijan Senaye Insurance, OJSC Qala Insurance, OJSC Gunay Insurance).
Compulsory insurance of immovable property extends to all types of buildings, apartment houses, apartments owned by individuals and legal entities, as well as the state property. In this case, the insurance event is considered to be comprised of facts related to the damage of property as a result of a fire, explosion, short circuit in the power grid, an accident in a sewage or water supply system, natural disasters, etc.
The rate for this type of insurance is comprised of a 0.2 percent of the sum insured.
The maximum amount of insurance sum for real estate in Baku is 25.000 manat, in Ganja, Sumgait and Nakhchivan – 20.000 manat, in other settlements – 15.000 manat. The cost of insurance, respectively, is 50, 40 and 30 manats.
13 of the 16 insurance companies that make up the ISB are licensed to provide compulsory property insurance services.
There are 21 insurance companies in Azerbaijan.
The official rate for the fourth of August is 1,7008 AZN/USD.