BAKU, Azerbaijan, August 2. Fees on the mandatory non-life insurance market of Azerbaijan amounted to 84.56 million manat ($49.7 million), or 17.2 percent of all insurance market fees from January through June 2022, Trend reports via the Central Bank of Azerbaijan's (CBA) report.
According to the report, real estate insurance fees totaled nearly 35.32 million manat ($20.77 million) in the reporting period, up by 10.08 percent compared to the same period of 2021.
Meanwhile, the collected premiums for civil liability insurance of vehicle owners reached 48.448 million manat ($28.49 million), having increased by 3.62 percent year-on-year.
In the first half of 2022, insurance compensation payments for all types of mandatory non-life insurance made up 42.9 million manat ($25.2 million), or 24.53 percent of all payments on the insurance market.
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Fees and payments for mandatory non-life insurance from January through June 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 |
48.448 million manat ($28.49 million) |
57.29 |
41.77 million manat ($24.57 million) |
97.35 |
|
Mandatory real estate insurance |
35.3 million manat ($20.77 million) |
41.76 |
538,000 manat ($316,481) |
1.25 |
|
Obligatory civil liability insurance related to the use of immovable property |
683,000 manat ($401,778) |
0.8 |
15,000 manat ($8,823) |
0.03 |
|
Compulsory personal accident insurance of passengers |
87,000 ($51,178) |
0.1 |
- |
- |
|
Other types of compulsory insurance |
21,000 ($12,353) |
0.02 |
580,000 ($341,188) |
1.35 |
In total, Azerbaijan's insurance companies collected premiums amounting to over 491 million manat ($288.8 million) from January through June 2022, while their payments totaled 174.9 million manat ($102.88 million).