BAKU, Azerbaijan, July 4. In the compulsory non-life insurance market in Azerbaijan, Premiums amounted to 72.1 million manat ($42.4 million) in the first five months 2022, or 16.9 percent of all fees in the insurance market, Trend reports citing the Central Bank of Azerbaijan (CBA).
According to CBA, compulsory real estate insurance premiums amounted to about 32.1 million manat ($18.8 million) in the specified period (an increase of 7.6 percent over the year).
Premiums in the civil liability insurance segment of motor vehicle owners increased by 4.6 percent over the year - up to 39.3 million manat ($23.1 million).
Insurance compensation payments for all types of compulsory non-life insurance amounted to 29.8 million manat ($17.5 million or 31.9 percent of insurance market payments) from January through May 2022.
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Comparative table of fees and payments for compulsory non-life insurance in 5M2022 |
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Types of non-life insurance |
Fees |
Share in non-life compulsory insurance |
Payments |
Share in non-life compulsory insurance |
|
Compulsory civil liability insurance of vehicle owners |
39.3 million manat -$23.1 million |
54.4 percent |
35.9 million manat - $21.1 million |
97.2 percent |
|
Compulsory real estate insurance |
32.1 million manat - $18.8 million |
44.5 percent |
437,900 manat - $257,500 |
1.1 percent |
|
Compulsory civil liability insurance in connection with usage of real estate |
615,900 manat - $362,200 |
0.8 percent |
300 manat - $176 |
0 |
|
Compulsory insurance of passengers against accidents |
44,000 manat - $25,800 |
0.06 percent |
0 |
0 |
|
Other types of compulsory insurance |
20,200 manat - $11,800 |
0.03 percent |
580,100 manat - $341,200 |
1.5 percent |
Generally, the fees of insurance companies in Azerbaijan exceeded 426 million manat ($250.5 million), and payments amounted to 129.03 million manat ($75.9 million) from January through May 2022.
