BAKU, Azerbaijan, June 3. The volume of fees for compulsory insurance against loss of professional ability to work as a result of accidents at work and occupational diseases increased by 15.8 percent, in Azerbaijan, over 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 exceeded 30 million manat ($17.6 million) from January through April 2022 compared to 26.07 million manat ($15.3 million) for the same period in 2021.
Insurance payments for this type decreased on an annualized basis by 15.3 percent - up to 1.2 million manat ($705,800).
The share of this type in the total insurance fees and payments is 8.4 percent and 1.33 percent, respectively.
A compulsory insurance against loss of professional ability to work as a result of accidents at work and occupational diseases is a type of insurance that provides for 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 persons insured against loss of professional ability to work 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.
Generally, Azerbaijani insurance companies collected insurance premiums in the amount of more than 358 million manat ($210.5 million) from January through April 2022, and paid out 93.4 million manat ($54.9 million).