BAKU, Azerbaijan, April 14. Fees on the compulsory non-life insurance market in Azerbaijan from January through March 2023 amounted to 72.4 million manat ($42.5 million), or 20.89 percent of all insurance fees, Trend reports via Azerbaijani Central Bank's report on the insurance market.
According to the report, the fees for compulsory real estate insurance for this period reached about 36.4 million manat ($21.4 million) with an increase of 44.31 percent over the year. Fees in the segment of civil liability insurance of motor vehicle owners grew by 64.33 percent to 35.6 million manat ($20.9 million) in a year.
Moreover, from January through March 2023, insurance indemnity payments by companies for all types of compulsory non-life insurance totaled 23.5 million manat ($13.8 million), or 23.01 percent of insurance market payments.
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Fees and payments for compulsory non-life insurance for 3M2023 |
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|
Types of non-life insurance |
Fees |
Share in compulsory non-life insurance (%) |
Payments |
Share in compulsory non-life insurance (%) |
|
Compulsory civil liability insurance of vehicle owners |
35.6 million manat ($20.9 million) |
49.23 |
23 million manat ($13.5 million) |
97.76 |
|
Mandatory real estate insurance |
36.4 million manat ($21.4 million) |
50.3 |
390,800 manat ($229,882) |
1.67 |
|
Obligatory civil liability insurance related to the use of immovable property |
322,900 manat ($189,941) |
0.44 |
2,000 manat ($1,176) |
0.008 |
|
Compulsory personal accident insurance of passengers |
15,500 manat ($9,117) |
0.02 |
0 |
0.00 |
|
Other types of compulsory insurance |
9,500 manat ($5,588) |
0.01 |
133,600 manat ($78,588) |
0.56 |
In addition, in common insurance companies in Azerbaijan collected insurance premiums worth over 221 million manat ($130 million), and payments amounted to 70.5 million manat ($41.4 million).