BAKU, Azerbaijan, Aug.12
By Zeyni Jafarov – Trend:
The volume of fees on the segment of voluntary insurance of employer liability in Azerbaijan has grown in the first half of 2021, Trend reports referring to the Central Bank of Azerbaijan (CBA), which is the regulator of the local insurance market.
According to the CBA, this indicator has reached 688,000 manat ($404,710), up by 9.5 percent compared to the first half of 2020 when this indicator made up 628,100 manat ($369,470).
The share of this type of insurance in the total fees for voluntary employer liability insurance amounted to 5.4 percent.
Almost no insurance payments for voluntary employer liability insurance have been made from January to June of this year. In the same period of last year, they amounted to 18,300 manat ($10,760).
The employer's liability, defined by the legislation of Azerbaijan, consists of the obligations to the employee (his/her heirs) to pay monetary compensation for death, disability, bodily injury, or other harm caused to the health of the employee in the course of his performance of official duties through the fault of the employer.
Totally, through the first six months of 2021, Azerbaijani insurance companies have collected over 452 million manat ($265 million) of insurance premiums and paid 248 million manat ($145.8 million).
(1 USD = 1.7 AZN on Aug.12)
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