BAKU, Azerbaijan, September 1. Fees on the mandatory non-life insurance market of Azerbaijan amounted to 96.6 million manat ($56.8 million) or 16.64 percent of all insurance market fees from January through July 2022, Trend reports via the Central Bank of Azerbaijan's (CBA) report.
According to the report, real estate insurance fees totaled nearly 36.7 million manat ($21.5 million) in the reporting period, up by 8.06 percent compared to the same period of 2021.
Meanwhile, the collected premiums for civil liability insurance of vehicle owners reached 59.1 million manat, having increased by 4.58 percent year-on-year.
Insurance compensation payments for all types of mandatory non-life insurance made up 52.1 million manat ($30.6 million) from January through July 2022, or 21.61 percent of all payments on the insurance market.
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Fees and payments for mandatory non-life insurance from January through July 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 |
59 million manat (34.7 million) |
61.2 |
50.8 million manat ($29.8 million) |
97.57 |
|
Mandatory real estate insurance |
36.7 million manat ($21.5 million) |
38 |
609,000 manat ($358,235) |
1.16 |
|
Obligatory civil liability insurance related to the use of immovable property |
697,000 manat ($410,000) |
0.72 |
18,000 manat ($10,588) |
0.03 |
|
Compulsory personal accident insurance of passengers |
45,000 manat ($26,470) |
0.04 |
- |
- |
|
Other types of compulsory insurance |
21,000 manat ($12,352) |
0.02 |
63,000 ($37,058) |
1.21 |
In total, Azerbaijan's insurance companies collected premiums amounting to over 534 million manat ($314 million) from January through July 2022, while their payments totaled 229 million manat ($134.7 million).