BAKU, Azerbaijan, September 4. The volume of the compulsory insurance fees against loss of professional disability due to accidents and occupational diseases grew by 10.93 percent over the year, Trend reports.
The Central Bank of Azerbaijan said the fees in this segment from January through July 2023 amounted to 50.07 million manat ($29 million) against 45.1 million manat ($26.5 million) in the same period last year.
During the reporting period, insurance payments for compulsory insurance against loss of professional ability to work due to industrial accidents and occupational diseases decreased by 33.97 percent to 1.47 million manat ($860,000) year-on-year.
Meanwhile, the above payments share in the total insurance fees and payments for the reporting period amounted to 6.57 percent and 0.52 percent, respectively.
Overall, from January through July this year, Azerbaijan's insurance companies collected insurance premiums worth over 761.8 million manat ($448.1 million), and payments exceeded 282.9 million manat ($166.4 million).
Compulsory insurance against loss of professional ability to work as a result of industrial accidents and occupational diseases is a type of insurance that provides for the payment of insurance compensation in connection with loss of professional ability to work or death as a result of damage caused to the life and health of persons insured against loss of professional ability to work as a result of industrial accidents and occupational diseases.