BAKU, Azerbaijan, May 12
By Zeyni Jafarov - Trend:
The volume of the compulsory non-life insurance market in Azerbaijan amounted to 78.5 million manat ($46.2 million) as of late March 2021, or 31.5 percent of all fees in the insurance market, Trend reports citing a report of the Central Bank of Azerbaijan (CBA).
In accordance with the report, fees on compulsory civil liability insurance of vehicle owners made up nearly 20.8 million manat ($12.2 million), or 26.5 percent of all fees on non-life insurance.
The fees in the real estate insurance segment increased, reaching 23.8 million manat ($14 million).
The payments of insurance compensation by companies for all types of compulsory non-life insurance amounted to 39.9 million manat ($23.5 million) as of late March or 27.4 percent of all payments in the insurance market.
|
Fees and payments for compulsory non-life insurance, March 2021 |
||||
|
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 |
20.8 million manat ($12.2 million) |
26.5 |
14.8 million manat ($8.7 million) |
37.1 |
|
Compulsory real estate insurance |
23.8 million manat ($14 million) |
30.4 |
450,100 manat ($264,764) |
1.1 |
|
Compulsory civil liability insurance on the use of real estate |
435,300 manat ($256,058) |
0.6 |
5,000 manat ($2,941) |
0.01 |
|
Compulsory insurance of passengers against accidents |
12,900 manat ($7,588) |
0.02 |
0 |
0 |
|
Other types of compulsory insurance |
33.3 million manat ($19.6 million) |
42.5 |
24.6 million manat ($14.5 million) |
61.8 |
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, is in 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 May 12)
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