BAKU, Azerbaijan, Mar.5
By Zeyni Jafarov - Trend:
The volume of the compulsory non-life insurance market in Azerbaijan amounted to over 16.1 million manat ($9.4 million) in January 2021, or 15.6 percent of all collections 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 over 7.1 million manat ($4.1 million), or 43.9 percent of all non-life insurance. Premiums in the real estate insurance segment showed growth, almost reaching 7.9 million manat ($4.6 million).
As reported, in January this year, payments of insurance claims by companies for all types of compulsory non-life insurance amounted to 19.26 million manat ($11.3 million), or 18 percent of all payments in the insurance market.
|
Collections and payments for compulsory non-life insurance, January 2021 |
||||
|
Types of non-life insurance |
Collections |
Share in non-life compulsory insurance (%) |
Payments |
Share in non-life compulsory insurance (%) |
|
Compulsory third party liability insurance for vehicle owners |
7.1 million manat ($4.1 million) |
43.9 |
4.7 million manat ($2.7 million) |
24.4 |
|
Compulsory real estate insurance |
7.88 million manat ($4.6 million) |
48.7 |
113,400 manat ($66,710 million) |
0.6 |
|
Compulsory civil liability insurance on the use of real estate |
124,600 manat ($73,290) |
0.8 |
3,700 manat ($2,180) |
0.02 |
|
Compulsory insurance of passengers against accidents |
11,200 manat ($6,590) |
0.07 |
0 |
0 |
|
Other types of compulsory insurance |
1.06 million manat ($620,000) |
6.6 |
14.4 million manat ($8.4 million) |
74.95 |
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.
(1 USD = 1.7 AZN on Mar.5)
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