BAKU, Azerbaijan, June 7. The volume of collections within the framework of compulsory insurance against loss of professional capacity due to accidents and occupational diseases in Azerbaijan increased by 0.35 percent over the year, Trend reports.
According to the regulator of the insurance market, collections in this segment in January-April 2023 amounted to 30.316 million manats ($17.9 million) 1 compared to 30.21 million manats ($17.8 million) for the same period in 2022.
Insurance payments for compulsory insurance against loss of professional capacity as a result of accidents at work and occupational diseases decreased by 47.89 percent on an annual basis - to 650 thousand manats ($383 thousand ).
Their share in total insurance premiums and payments for this period was 6.48 percent and 0.48 percent, respectively.
A compulsory insurance against loss of professional capacity as a result of accidents at work and occupational diseases is a type of insurance that provides for payment of insurance compensation in connection with loss of professional capacity or death as a result of harm caused to the life and health of persons insured against loss of professional capacity as a result of accidents at work and occupational diseases.
During the reporting period, insurance companies in Azerbaijan collected insurance premiums in excess of 467.53 million manats ($275 million), while payments amounted to 134.601 million manats ($79 million)