BAKU, Azerbaijan, December 5. Fees on the mandatory non-life insurance market of Azerbaijan amounted to 124.5 million manat ($73.2 million) or 17.25 percent of all insurance market fees from January through October 2022, Trend reports via the Central Bank of Azerbaijan's (CBA) report.
According to the report, real estate insurance fees totaled nearly 45.6 million manat ($26.8 million) in the reporting period, down by 14.75 percent compared to the same period in 2021.
Meanwhile, the collected premiums for the civil liability insurance of vehicle owners reached 91 million manat ($53.5 million), increasing by 9.39 percent year-on-year.
Insurance compensation payments for all types of mandatory non-life insurance made up 77.2 million manat ($45.4 million) from January through October 2022, or 21.49 percent of all payments on the insurance market.
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Fees and payments for mandatory non-life insurance from January through October 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 |
91 million manat ($53 million) |
66.17 |
75.539 million manat ($44.4 million) |
97.84 |
|
Mandatory real estate insurance |
45,688 million manat ($26,880) |
33.19 |
963,200 manat ($566,590) |
1.25 |
|
Obligatory civil liability insurance related to the use of immovable property |
792,000 manat ($465,880) |
0.58 |
28,500 manat ($16,760) |
0.03 |
|
Compulsory personal accident insurance of passengers |
67,600 manat ($39,760) |
0.05 |
0 |
0.00 |
|
Other types of compulsory insurance |
22,000 manat ($12,940) |
0.01 |
681,500 manat ($400,880) |
0.88 |
In total, Azerbaijan's insurance companies collected premiums amounting to over 797.62 million manat ($469 million) from January through October 2022, while their payments totaled 359.2 million manat ($211.2 million).
