BAKU, Azerbaijan, July 4. The volume of fees for compulsory insurance against loss of professional ability to work as a result of accidents at work and occupational diseases grew from January through May 2022 in Azerbaijan, Trend reports via the reporting data of the Central Bank of Azerbaijan (CBA).
According to the CBA, which is the regulator of the local insurance market, this figure exceeded 36 million manat ($21.18 million), up by 14.6 percent over the year compared to the first five months in 2021 (31.7 million manat or $18.6 million).
Insurance payments for this type decreased in annual terms by 13.14 percent - up to 1.4 million manat ($820,000).
The share of this type in the total insurance fees and payments amounted to 8.52 percent and 1.14 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 426 million manat ($250.6 million) from January through May 2022 and paid out 129 million manat ($75.8 million).