Baku, Azerbaijan, Oct.8
By Zeyni Jafarov - Trend:
The volume of the compulsory non-life insurance market in Azerbaijan amounted to 124.9 million manat ($73.4 million) from January through August 2020, making up 23.6 percent of all fees in the insurance market, Trend reports referring to data of the Central Bank of Azerbaijan.
According to the data, in the reporting period fees on compulsory third party liability insurance of vehicle owners amounted to 62.4 million manat ($36.7 million), which accounts for half of all non-life insurance fees.
Meanwhile, the real estate insurance fees showed steady growth, reaching 30.1 million manat ($17.7 million) and exceeding payments in the same segment by 10 times.
The insurance payments of companies for all compulsory non-life insurance types over the past 8 months of the current year made up 42.5 million manat ($25 million) or 16.2 percent out of all payments in the insurance market.
|
Comparative table of fees and payments on compulsory non-life insurance, from January through August 2020 |
||||
|
Kinds of life-insurance |
Fees |
Share in non-life insurance (%) |
Payments |
Share in non-life insurance (%) |
|
Compulsory third party liability insurance of vehicle owners |
62.4 million manat ($36.7 million) |
50 |
36.9 million manat ($21.7 million) |
86.8 |
|
Compulsory real estate insurance |
30.1 million manat ($17.7 million) |
24.1 |
3 million manat ($1.7 million) |
7 |
|
Compulsory civil liability insurance for the use of the real estate |
262,600 manat ($154,400) |
0.2 |
20.3 million manat ($11.9 million) |
0.05 |
|
Compulsory insurance of passengers against accidents |
75.8 million manat ($44.5 million) |
0.06 |
0 |
0 |
|
Other types of compulsory insurance |
31.9 million manat ($18.7 million) |
25.6 |
2.5 million manat ($1.4 million) |
6.08 |
Implementation of the functions of compulsory insurance of employees of judicial and law enforcement agencies, as well as military personnel and deputies of the Azerbaijani parliament, is the exclusive competence of the State Commercial Insurance Company of Azerbaijan. Thus, these insurance types aren’t market-based.
Compulsory insurance in Azerbaijan is carried out by insurance companies licensed for a certain type of compulsory insurance, which are members of the Compulsory Insurance Bureau (CIB).
Presently, there are 16 insurance companies licensed for compulsory insurance types in Azerbaijan, four of which operate in the field of life insurance, and 11 - non-life insurance.
(1 USD = 1.7 AZN on Oct.8)
---
Follow the author on Twitter: @jafarov_zeyni