BAKU, Azerbaijan, Sept.1
By Zeyni Jafarov - Trend:
Central Bank of Azerbaijan (CBA) disclosed the volume of the compulsory non-life insurance market in the country as of early Aug. 2021, Trend reports referring to the CBA.
According to the CBA, this indicator amounted to over 124.5 million manat ($73.2 million), or 23.6 percent of all fees in the insurance market.
In the reporting period, fees on compulsory civil liability insurance of vehicle owners made up around 56.5 million manat ($33.2 million), or 45.4 percent of all fees on non-life insurance.
The value of fees in the real estate insurance segment grew by 21.4 percent, making up over 33.9 million manat ($19.9 million).
The payments of insurance compensation by companies for all types of compulsory non-life insurance amounted to about 70.7 million manat ($41.6 million) or 23.5 percent of all payments in the insurance market as of early Aug. this year.
|
Fees and payments for compulsory non-life insurance, early Aug. 2021 |
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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 |
56.5 million manat ($33.2 million) |
45.4 |
38.4 million manat ($22.6 million) |
54.4 |
|
Compulsory real estate insurance |
33.9 million manat ($19.9 million) |
27.3 |
925,900 manat ($544,650) |
1.3 |
|
Compulsory civil liability insurance on the use of real estate |
588,700 manat ($346,290) |
0.5 |
22,800 manat ($13.410) |
0.03 |
|
Compulsory insurance of passengers against accidents |
71,100 manat ($41,820) |
0.06 |
0 |
0 |
|
Other types of compulsory insurance |
33.3 million manat ($19.6 million) |
26.8 |
31.3 million manat ($18.4 million) |
44.3 |
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 19 insurance companies in the country licensed to carry out compulsory types of insurance.
(1 USD = 1.7 AZN on Sept.1)
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