BAKU, Azerbaijan, Aug. 3
By Zeyni Jafarov - Trend:
The volume of fees on compulsory insurance against loss of professional ability to work as a result of accidents at work and occupational diseases increased by 16.2 percent in Azerbaijan for the year, Trend reports with reference to the reporting data of the Central Bank of Azerbaijan (CBA).
According to the CBA, which is the regulator of the local insurance market, fees for this segment in the first half of the year exceeded 35 million manat ($20.6 million) compared to 30.1 million manat ($17.7 million) by late June 2020.
Insurance payments for this type, having increased on an annual basis by 85.2 percent, equaled two million manat ($1.2 million).
The share of this type in total insurance fees and payments is 7.7 percent and 0.8 percent, respectively.
Compulsory insurance against the loss of professional ability to work as a result of accidents at work and occupational diseases is a type of insurance that envisages the payment of insurance compensation in connection with the loss of professional ability to work or death as a result of harm caused to the life and health of people insured against the loss of professional ability to work as a result accidents at work and occupational diseases.
This type of insurance is carried out in Azerbaijan on the basis of the relevant law adopted on May 11, 2010.
In general, Azerbaijani insurance companies collected insurance premiums in the amount of over 452 million manat ($265.9 million) in the first six months of this year and paid 248 million manat ($145.9 million).
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