BAKU, Azerbaijan, Sept.28
By Zeyni Jafarov – Trend:
The volume of fees on the segment of voluntary insurance of employer liability in Azerbaijan has grown in the first eight months 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 814,000 manat ($478,820), up by 83,000 manat ($48,820) or 11 percent compared to the first eight months of 2020 when this indicator made up 730,000 manat ($429,410).
The share of this type of insurance in the total fees for voluntary employer liability insurance amounted to nearly five percent, growing by 0.7 percent on annual basis.
Along with the above, almost no insurance payments for voluntary employer liability insurance have been made from January through August of this year. In the same period of 2020, they amounted to 18,300 manat ($10,760).
Totally, through the first eight months of 2021, 334 million manat ($196.4 million) have been paid on voluntary insurance of civil responsibility.
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.
(1 USD = 1.7 AZN on Sept.28)
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