BAKU, Azerbaijan, May 3. Fees on compulsory insurance on cases of labor ability loss as a result of industrial accidents and occupational diseases in Azerbaijan have increased by 14.72 percent, Trend reports referring to the Central Bank of Azerbaijan (CBA).
According to the CBA, the collected premiums rose above 17 million manat ($10 million) in the first quarter of 2022, while a year earlier this figure totaled 14.87 million manat ($8.7 million).
Insurance payments for this type of insurance grew by 29.69 percent year on year, up to 2.32 million manat ($1.36 million).
The share of it in total insurance fees and payments accounted for 7.4 percent and 0.8 percent, respectively.
Compulsory insurance against industrial accidents and occupational diseases is a type of insurance that envisions the payment of insurance compensation for the loss or death of occupational ability to work as a result of damage to the life and health of the insured person in the case of the loss of the occupational ability as a result of industrial accidents 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 total, Azerbaijani insurance companies collected insurance premiums worth over 258 million manat ($151.8 million) for the first three months of 2022, and paid out 61.22 million manat ($36.03 million).