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Azerbaijan reveals real estate insurance market fees for 2022

Finance Materials 2 February 2023 15:35 (UTC +04:00)
Azerbaijan reveals real estate insurance market fees for 2022
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, February 2. Fees on the compulsory non-life insurance market of Azerbaijan amounted to 168.856 million manat ($99.3 million), accounting for 17.39 percent of all insurance market fees in 2022, Trend reports via the Azerbaijani Central Bank's report.

According to the report, real estate insurance fees reached nearly 53.979 million manat ($31.75 million) in the reporting period, down by 13.64 percent compared to 2021.

The premium paid for this type of insurance amounts to 25,000 manat ($14,706) in Baku, 20,000 manat ($11,765) in Ganja, Sumgayit and Nakhchivan, 15,000 manat ($8,823) in other districts.

Meanwhile, the collected premiums for civil liability insurance for vehicle owners settled at 113.8 million manat ($66.9 million), having increased by 14.34 percent year over year.

From January through December 2022, insurance compensation payments for all types of mandatory non-life insurance made up 92.16 million manat ($54.2 million), or 21.27 percent of all payments on the insurance market.

Fees and payments for compulsory non-life insurance from January through December 2022

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

113.8 million manat ($66.9 million)

67.42

90.28 million manat ($53.1 million)

97.95

Mandatory real estate insurance

53.97 million manat ($31.7 million)

31.96

1.09 million manat ($641,198)

1.19

Obligatory civil liability insurance related to the use of immovable property

914,000 manat ($537,665)

0.54

29,800 manat ($17,529)

0.03

Compulsory personal accident insurance of passengers

96,000 ($56,472)

0.05

-

-

Other types of compulsory insurance

23,100 ($13,588)

0.01

756,200 ($444,836)

0.85

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).

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