BAKU, Azerbaijan, June 3. Fees on the mandatory non-life insurance market in Azerbaijan amounted to 60.8 million manat ($35.7 million), or 16.95 percent of all fees in the insurance market from January through April 2022, Trend reports via the report of the Central Bank of Azerbaijan (CBA).
According to the report, real estate insurance fees in the reporting period grew by 7.94 percent compared to the same period in 2021, up to 30.18 million manat ($17.75 million), or 49.63 percent of all non-life insurance.
Meanwhile, the collected premiums for civil liability insurance of vehicle owners totaled 29.9 million manat ($17.6 million), having increased by 4.41 percent on annual basis.
In the first four months of this year, insurance compensation payments for all types of mandatory non-life insurance reached 29.8 million manat ($17.5 million), or 31.91 percent of all payments on the insurance market.
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Fees and payments for mandatory non-life insurance from January through April 2022 |
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Types of non-life insurance |
Fees |
Share in compulsory non-life insurance (percent) |
Payments |
Share in compulsory non-life insurance (percent) |
|
Compulsory civil liability insurance of vehicle owners |
29.9 million manat ($17.6 million) |
49.29 |
28.7 million manat ($16.8 million) |
95.08 |
|
Mandatory real estate insurance |
30.18 million manat ($17.75 million) |
49.63 |
332,600 manat ($195,650) |
1.11 |
|
Obligatory civil liability insurance related to the use of immovable property |
592,000 manat ($348,240) |
0.97 |
552,700 manat ($325,120) |
1.85 |
|
Compulsory personal accident insurance of passengers |
33,500 ($19,710) |
0.07 |
- |
- |
|
Other types of compulsory insurance |
15,500 ($9,120) |
0.02 |
580.1 |
1.94 |