BAKU, Azerbaijan, October 3. The volume of compulsory insurance fees against loss of professional disability due to industrial accidents and occupational diseases increased by 13.19 percent over the year, Trend reports.
According to the CBA (Central Bank of Azerbaijan), which regulates the local insurance market, fees in the segment from January through August 2023 amounted to 56 million manat ($32.9 million) against 49.4 million manat ($29 million) for the same period in 2022.
Insurance payments for compulsory insurance against loss of professional ability to work due to industrial accidents and occupational diseases decreased by 23.4 percent to 1.9 million manat ($1.1 million) year-on-year.
Their share in the total insurance fees and payments for this period amounted to 6.6 percent and 0.53 percent, respectively.
In general, 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.
Overall, insurance companies in Azerbaijan collected insurance premiums worth over 846.9 million manat ($498.2 million), and payments amounted to 345.8 million manat ($203.4 million).