BAKU, Azerbaijan, November 6. The volume of compulsory insurance fees against loss of professional ability to work as a result of industrial accidents and occupational illnesses increased by 9.47 percent over the year, Trend reports via the Central Bank of Azerbaijan (CBA).
According to CBA, which regulates the local insurance market, fees for this segment from January through September 2022 exceeded 53.15 million manat ($31.2 million) against 48.5 million manat ($28.5 million) compared to the same period last year.
Insurance payments for compulsory insurance against loss of professional ability to work as a result of industrial accidents and occupational diseases decreased by 15.64 percent year–on-year to 2.66 million manat ($1.56 million).
The share of this type in the total insurance fees and payments in the specified period amounted to 7.26 percent and 0.83 percent, respectively.
A compulsory insurance against loss of professional ability to work as a result of industrial accidents and occupational illnesses is a type of insurance that provides for the payment of insurance compensation in connection with loss of professional ability to work or death as a result of damage caused to the life and health of individual 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.
Azerbaijani insurance companies collected insurance premiums in the amount of more than 731.2 million manat ($430.1 million) from January through September 2022, and payments amounted to 318.6 million manat ($187.4 million).