BAKU, Azerbaijan, October 3. Azerbaijan's compulsory non-life insurance market collected 171.9 million manat ($101.1 million) from January through August 2023 (a year-on-year increase of 53.83 percent or 60.1 million manat, which is $35.3 million), or 20.3 percent of all insurance collections, Trend reports.
The data of the Central Bank of Azerbaijan shows that collections in compulsory real estate insurance during the period amounted to about 63.4 million manat ($37.2 million), having increased by 54.34 percent over the year. Collections in the segment of civil liability insurance of vehicles owners increased by 53.92 percent to 107.6 million manat ($63.2 million) over the year.
Insurance indemnity payments of companies on all types of compulsory non-life insurance amounted to 69.8 million manat ($41 million) or 20.18 percent of the insurance market payments from January through August 2023.
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Compulsory non-life insurance fees and benefits (from January through August 2023) |
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Types of non-life insurance |
Fees |
Share in non-life compulsory insurance (percent) |
Payments |
Share in non-life compulsory insurance (percent) |
|
Compulsory civil liability insurance for owners of vehicles |
107.6 million manat ($63.2 million) |
62.58 |
64.7 million manat ($38 million) |
92.80 |
|
Compulsory real estate insurance |
63.4 million manat ($37.2 million) |
36.87 |
4.7 million manat ($2.76 million) |
6.79 |
|
Compulsory insurance of civil liability in connection with the use of real estate |
878,400 manat ($516,705) |
0.52 |
10,300 manat ($6,058) |
0.01 |
|
Compulsory accident insurance for passengers |
49,100 manat ($28,882) |
0.02 |
0 |
0.00 |
|
Other types of compulsory insurance |
23,800 manat ($14,000) |
0.01 |
284,300 manat ($167,235) |
0.4 |
Also, insurance companies in Azerbaijan collected insurance premiums amounting to over 846.8 million manat ($498.1 million) during the reporting period, and payments amounted to 345.7 million manat ($203.3 million).