BAKU, Azerbaijan, February 2. Compulsory insurance fees in cases of labor ability loss due to industrial accidents and occupational diseases have increased by 16.36 percent in Azerbaijan in 2022, Trend reports referring to the Central Bank of Azerbaijan.
According to the bank, the collected premiums rose above 73.89 million manat ($43.46 million) in the reporting period, while a year earlier this figure totaled 63.506 million manat ($37.35 million).
Insurance payments for the mentioned type of insurance were reduced by 16.31 percent year over year, down to 3.407 million manat ($2 million).
Compulsory occupational disability insurance accounted for 7.61 percent and 0.78 percent of total insurance fees and payments, respectively.
Mandatory insurance against industrial accidents and occupational diseases is a type of insurance that envisions the payment of insurance compensation for the professional ability loss or death as a result of damage to the life of the insured person in the case of the labor disability as a result of industrial accidents and occupational diseases.
In total, Azerbaijani insurance companies collected insurance premiums worth over 970.8 million manat ($571.07 million) for 2022 and paid out 433.2 million manat ($254.8 million).