BAKU, Azerbaijan, May 3. Fees on the mandatory non-life insurance market in Azerbaijan amounted to 47.36 million manat ($27.8 million), or 18.33 percent of all fees in the insurance market from January through February 2022, Trend reports citing the Central Bank of Azerbaijan (CBA).
Real estate insurance fees in the reporting period grew by 5.92 percent compared to the same period in 2021, up to 25.25 million manat ($14.8 million), or 53.31 percent of all non-life insurance.
The collected premiums for civil liability insurance of vehicle owners totaled 21.7 million manat ($12.77 million), having increased by 4.22 percent over the year.
In the first quarter of 2022, insurance compensation payments for all types of mandatory non-life insurance reached 21.5 million manat ($12.6 million), or 35.17 percent of all payments on the insurance market.
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Fees and payments for mandatory non-life insurance from January through March 2022 |
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Types of non-life insurance |
Fees |
Share in compulsory non-life insurance (percent) |
Payments |
Share in compulsory non-life insurance (percent) |
|
Compulsory civil liability insurance of vehicle owners |
21.7 million manat ($12.77 million) |
45.82 |
20.29 million manat ($11.9 million) |
94.23 |
|
Mandatory real estate insurance |
25.25 million manat ($14.8 million) |
53.31 |
274,400 ($161,508) |
1.27 |
|
Obligatory civil liability insurance related to the use of immovable property |
392,300 manat ($230,903) |
0.83 |
408,400 ($240,379) |
1.90 |
|
Compulsory personal accident insurance of passengers |
14,400 ($8,475) |
0.03 |
- |
- |
|
Other types of compulsory insurance |
5,500 ($3,237) |
0.01 |
559,200 ($329,139) |
2.60 |
