BAKU, Azerbaijan, Oct. 28
By Zeyni Jafarov - Trend:
The volume of the compulsory non-life insurance market in Azerbaijan for 9M2020 amounted to 137.9 million manat, which makes up 23.7 percent of all fees in the insurance market, Trend reports citing a report from the Central Bank of Azerbaijan (CBA).
According to the report, fees in the field of compulsory civil liability insurance of motor vehicle owners amounted to 70.8 million manat, which is 51.3 percent of all non-life insurance. Premiums in the real estate insurance segment are showing steady growth, reaching 34.8 million manat and exceeding payments in the same segment by 10 times.
Insurance payments of companies for all types of compulsory non-life insurance for the first nine months of this year amounted to 48.7 million manat or 15.8 percent of all payments in the insurance market.
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Comparative table of fees and payments for compulsory non-life insurance from January through September 2020 |
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Types of non-life insurance |
Fees (in thousand manats) |
Share in non-life compulsory insurance (%) |
Payments (in thousand manats) |
Share in non-life compulsory insurance (%) |
|
Compulsory civil liability insurance of vehicle owners |
70 783,3 |
51.3 |
42 221 |
86.8 |
|
Compulsory real estate insurance |
34 768,4 |
25.2 |
3 478,1 |
7.1 |
|
Compulsory civil liability insurance in connection with the use of the real estate |
293,9 |
0.2 |
20,7 |
0.04 |
|
Compulsory insurance of passengers against accidents |
83,7 |
0.06 |
0 |
0 |
|
Other types of compulsory insurance |
31 962,7 |
23.2 |
2 941,8 |
6.05 |
The implementation of the functions of compulsory insurance of employees of judicial and law enforcement agencies, as well as military personnel and deputies of the Milli Mejlis (Azerbaijan Parliament), is the exclusive competence of the State Commercial Insurance Company of Azerbaijan, thus, these types are not marketable.
Compulsory insurance in Azerbaijan is carried out by insurance companies licensed for a certain type of compulsory insurance, which are part of the Compulsory Insurance Bureau (CIB).
At the moment, there are 16 insurance companies licensed to carry out compulsory types of insurance, four of which are involved in the field of life insurance, and eleven insurance companies are involved in the field of non-life insurance.
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