BAKU, Azerbaijan, Feb.4
By Fidan Babayeva - Trend:
The volume of the compulsory non-life insurance market in Azerbaijan amounted to 171.9 million manat ($101.1 million) in 2020, or 23.6 percent of all fees in the insurance market, Trend reports citing a report of the Central Bank of Azerbaijan (CBA).
According to the report, fees in the field of compulsory civil liability insurance of vehicle owners amounted to about 93.3 million manat ($54.8 million), or 54.3 percent of all non-life insurance. Premiums in the real estate insurance segment showed growth, reaching 46.1 million manat ($27.1 million) and exceeding payments in the same segment by almost 15 times.
As reported, for the entire 2020, payments of insurance claims by companies for all types of compulsory non-life insurance amounted to 83.8 million manat ($49.3 million), or 18 percent of all payments in the insurance market.
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Fees and payments for compulsory non-life insurance, January-December 2020 |
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|
Types of non-life insurance |
Fees |
Share in non-life compulsory insurance (%) |
Payments |
Share in non-life compulsory insurance (%) |
|
Compulsory third party liability insurance for vehicle owners |
93.3 million manat ($54.8 million) |
54.3 |
56.5 million manat ($33.2 million) |
67.5 |
|
Compulsory real estate insurance |
46.1 million manat ($27.1 million) |
26.8 |
3.86 million manat ($2.27 million) |
4.6 |
|
Compulsory civil liability insurance on the use of real estate |
407,800 manat ($239,882) |
0.2 |
22,700 million manat ($13,353) |
0.03 |
|
Compulsory insurance of passengers against accidents |
108,800 manat ($64,000) |
0.06 |
0 |
0 |
|
Other types of compulsory insurance |
31.9 million manat ($18.7 million) |
18.6 |
23.3 million manat ($13.7 million) |
27.9 |
The implementation of the functions of compulsory insurance of employees of the judiciary and law enforcement agencies, as well as military personnel and MPs of Azerbaijan, belongs to the exclusive competence of the State Commercial Insurance Company of Azerbaijan - thus, these types are not market-based.
Compulsory insurance in Azerbaijan is carried out by insurance companies licensed for a certain type of compulsory insurance and included in the Compulsory Insurance Bureau.
Currently, there are 16 insurance companies in the country licensed to carry out compulsory types of insurance, four of which work in the field of life insurance, eleven in the field of non-life insurance.
(1 USD = 1.7 AZN on Feb. 4)
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