BAKU, Azerbaijan, Apr.13
By Zeyni Jafarov - Trend:
The volume of the compulsory non-life insurance market in Azerbaijan amounted to over 32.7 million manat ($19.2 million) in February 2021, or 20.4 percent of all collections in the insurance market, Trend reports citing a report of the Central Bank of Azerbaijan (CBA).
According to the report, collections for compulsory civil liability insurance of vehicle owners made up nearly 13.8 million manat ($8.1 million), or 42.3 percent of all non-life insurance.
Premiums in the real estate insurance segment showed growth, reaching 16.3 million manat ($9.6 million).
As reported, in February of this year, payments of insurance claims by companies for all types of compulsory non-life insurance amounted to 32.2 million manat ($18.9 million), or 32.1 percent of all payments in the insurance market.
|
Collections and payments for compulsory non-life insurance, February 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 |
13.8 million manat ($8.1 million) |
42.3 |
9.8 million manat ($5.7 million) |
30.5 |
|
Compulsory real estate insurance |
16.3 million manat ($9.6 million) |
49.8 |
295,600 manat ($173,880 ) |
0.9 |
|
Compulsory civil liability insurance on the use of real estate |
221,900 manat ($130,530) |
0.7 |
5,000 manat ($2,940) |
0.02 |
|
Compulsory insurance of passengers against accidents |
11,400 manat ($6,710) |
0.03 |
0 |
0 |
|
Other types of compulsory insurance |
2.3 million manat ($1.3 million) |
7.2 |
22 million manat ($12.9 million) |
68.6 |
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 18 insurance companies in the country licensed to carry out compulsory types of insurance.
(1 USD = 1.7 AZN on Apr.13)
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