BAKU, Azerbaijan, January 3. Fees on the mandatory non-life insurance market of Azerbaijan amounted to 137.6 million manat ($80.9 million), or 17.25 percent of all insurance market fees from January through November 2022, Trend reports via the Azerbaijani Central Bank's report.
According to the report, real estate insurance fees totaled nearly 49.16 million manat ($28.9 million) in the reporting period, down by 12.31 percent compared to the same period of 2021.
Meanwhile, the collected premiums for civil liability insurance of vehicle owners reached 102.219 million manat ($60.1 million), having increased by 12.07 percent year over year.
During this period, insurance compensation payments for all types of mandatory non-life insurance made up 84.037 million manat ($49.4 million), or 20.96 percent of all insurance payments.
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Fees and payments for mandatory non-life insurance from January through November 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 |
102.219 million manat ($60.1 million) |
67.11 |
82.29 million manat ($48.4 million) |
97.92 |
|
Mandatory real estate insurance |
49.16 million manat ($28.9 million) |
32.28 |
1.003 million manat ($590,020) |
1.19 |
|
Obligatory civil liability insurance related to the use of immovable property |
819,900 manat ($482,310) |
0.54 |
29,100 manat ($17,118) |
0.03 |
|
Compulsory personal accident insurance of passengers |
84,900 ($49,942) |
0.06 |
- |
- |
|
Other types of compulsory insurance |
22,900 ($13,471) |
0.02 |
713,200 ($419,544) |
0.85 |
In total, Azerbaijan's insurance companies collected premiums exceeding 875.1 million manat ($514.78 million) from January through November 2022, while their payments totaled 400.95 million manat ($235.86 million).