BAKU, Azerbaijan, Sept. 3
By Zeyni Jafarov - Trend:
The volume of fees on compulsory insurance against loss of professional ability to work as a result of industrial accidents and occupational diseases in Azerbaijan increased by 16.9 percent in the first 7 months of 2021, compared to the same period of 2020, Trend reports with reference to the report of the Central Bank of Azerbaijan (CBA).
According to the CBA, which is a regulator of the insurance market, fees in the reporting period reached 38.9 million manat ($22.8 million), while a year earlier this figure was 33.2 million manat ($19.5 million).
Insurance payments for this type, having increased by 86.3 percent on annual basis, equaled 2.32 million manat ($1.36 million).
The share of this type in total insurance fees and payments is 7.4 percent and 0.8 percent, respectively.
The compulsory insurance against loss of professional ability to work as a result of industrial accidents and occupational diseases is a type of insurance that envisages the payment of insurance claims in connection with loss of professional ability to work or death as a result of harm to the life and health of people insured from loss of professional disability due to industrial accidents and occupational diseases.
This type of insurance is carried out in Azerbaijan on the basis of the relevant law adopted on May 11, 2010.
In total, the insurance companies of Azerbaijan collected insurance fees worth over 528 million manat ($310.5 million) for the first 7 months of this year, and paid out 301 million manat ($177 million).
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