BAKU, Azerbaijan, Sept. 24
By Zeyni Jafarov - Trend:
Fees on the mandatory non-life insurance market in Azerbaijan increased by 13.5 million manat ($7.9 million), or 10.8 percent, from 125 million ($73.5 million) to 138.4 million manat ($81.4 million), from January through August 2021, compared to the same period of 2020, Trend reports via Central Bank of Azerbaijan (CBA).
The collected premiums for mandatory civil liability insurance of vehicle owners amounted to about 47.8 percent, or 66.1 million manat ($38.8 million), of all fees for mandatory non-life insurance.
Real estate insurance fees in the specified period increased by 8.1 million manat ($4.7 million), or 27 percent, compared to the same period of 2020 - from 30.1 million ($17.7 million) to 38.2 million manat ($22.4 million).
By the beginning of September, insurance compensation payments for all types of mandatory non-life insurance amounted to about 79.7 million manat ($46.8 million), or 23.5 percent, of all payments on the insurance market.
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Fees and payments for mandatory non-life insurance in early September 2021 |
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Types of non-life insurance |
Fees (MM) |
Share in compulsory non-life insurance (%) |
Payments (MM) |
Share in compulsory non-life insurance (%) |
|
Compulsory civil liability insurance of vehicle owners |
66.1 ($38.8) |
47,8 |
45.6 ($26.8) |
57,2 |
|
Compulsory real estate insurance |
38.2 ($22.4) |
27,6 |
1.1 ($647,059) |
1,4 |
|
Compulsory insurance of civil liability in connection with the use of real estate |
621,600 ($365,647) |
0,4 |
23,600 ($13,882) |
0,03 |
|
Compulsory passenger accident insurance |
78,500 ($46,176) |
0,06 |
0 |
0 |
|
Other types of compulsory insurance |
33.3 ($19.5) |
24,1 |
32.9 ($19.3) |
41,4 |
Compulsory insurance of employees of judicial and law enforcement agencies, as well as military personnel, and MPs of the Parliament is the responsibility of the State Commercial Insurance Company of Azerbaijan. Thus, these types of insurance are not market-based.
Compulsory insurance in Azerbaijan is carried out by insurance companies that have a license for a certain type of insurance and are part of the Compulsory Insurance Bureau.
Today, there are 19 insurance companies operating in Azerbaijan that have a license to carry out mandatory types of insurance.
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