BAKU, Azerbaijan, October 10. Fees on compulsory insurance in cases of labor ability loss as a result of industrial accidents and occupational diseases in Azerbaijan grew from January through August 2022, Trend reports via the Central Bank of Azerbaijan (CBA).
According to the CBA, this figure amounted to 49.4 million manat ($29 million), up by 13.91 percent compared to the first eight months of 2021 (43.4 million manat or $25.5 million).
Insurance payments for the mentioned type of insurance during the first eight months of 2022 decreased by 0.46 percent year on year, down to 2.4 million manat ($1.4 million).
Meanwhile, the share of compulsory occupational disability insurance in total insurance fees and payments accounted for 7.54 percent and 0.85 percent, respectively.
Compulsory insurance against industrial accidents and occupational diseases is a type of insurance that envisions the payment of insurance compensation for the loss of occupational ability or death as a result of damage to the life and health of the insured person in the case of the labor disability 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.
In total, Azerbaijani insurance companies collected insurance premiums worth over 654 million manat ($384.7 million), and paid out 283.6 million manat ($166.8 million) from January through August this year.