BAKU, Azerbaijan, Aug. 9
By Zeyni Jafarov - Trend:
Central Bank of Azerbaijan (CBA) disclosed the volume of the compulsory non-life insurance market in the country as of early July 2021, Trend reports referring to the CBA.
According to the CBA, this indicator amounted to 112.8 million manat ($66.3 million), or 24.9 percent of all fees in the insurance market.
In the reporting period, fees on compulsory civil liability insurance of vehicle owners made up around 46.8 million manat ($27.5 million), or 41.4 percent of all fees on non-life insurance.
The value of fees in the real estate insurance segment grew by 24.7 percent, reaching 32 million manat ($18.8 million).
The payments of insurance compensation by companies for all types of compulsory non-life insurance amounted to about 62.5 million manat ($36.7 million) or 25.2 percent of all payments in the insurance market as of early July.
|
Fees and payments for compulsory non-life insurance, early July 2021 |
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|
Types of non-life insurance |
Fees |
Share in non-life compulsory insurance (%) |
Payments |
Share in non-life compulsory insurance (%) |
|
Compulsory third party liability insurance for vehicle owners |
46.7 million manat ($22.1 million) |
41.4 |
32.07 million manat ($18.86 million) |
51.3 |
|
Compulsory real estate insurance |
32.08 million manat ($18.87 million) |
28.4 |
787,000 manat ($462,940) |
1.3 |
|
Compulsory civil liability insurance on the use of real estate |
572,000 manat ($336,470) |
0.5 |
22,800 manat ($13,410) |
0.04 |
|
Compulsory insurance of passengers against accidents |
70,800 manat ($41,650) |
0.06 |
0 |
0 |
|
Other types of compulsory insurance |
33.3 million manat ($19.6 million) |
29.6 |
29.6 million manat ($17.4 million) |
47.4 |
The implementation of the functions of compulsory insurance of employees of the judiciary and law enforcement agencies, as well as military personnel and MPs of Azerbaijan, is in the exclusive competence of the State Commercial Insurance Company of Azerbaijan - thus, these types are not market-based.
Compulsory insurance in Azerbaijan is carried out by insurance companies licensed for a certain type of compulsory insurance and included in the Compulsory Insurance Bureau.
Currently, there are 19 insurance companies in the country licensed to carry out compulsory types of insurance.
(1 USD = 1.7 AZN on Aug. 9)
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