BAKU, Azerbaijan, January 3. Fees on compulsory insurance in cases of labor ability loss as a result of industrial accidents and occupational diseases in Azerbaijan have increased by 13.34 percent, Trend reports referring to the Central Bank of Azerbaijan.
According to the bank, the collected premiums rose above 65.18 million manat ($38.3 million) from January through November 2022, while a year earlier this figure totaled 57.5 million manat ($33.8 million).
Insurance payments for the mentioned type of insurance were reduced by 13.14 percent year over year, down to 3.168 million manat ($1.86 million).
The share of compulsory occupational disability insurance in total insurance fees and payments accounted for 7.44 percent and 0.79 percent, respectively.
Compulsory insurance against industrial accidents and occupational diseases is a type of insurance that envisions insurance compensation for the loss of ability to work or death as a result of damage to the life and health of the insured person.
This type of insurance is based on the relevant law adopted on May 11, 2010, in Azerbaijan.
In total, Azerbaijan's insurance companies collected premiums exceeding 875.1 million manat ($514.78 million) for the first eleven months of 2022 and paid out 400.95 million manat ($235.86 million).