BAKU, Azerbaijan, December 6. Fees on compulsory insurance in cases of labor ability loss as a result of industrial accidents and occupational diseases in Azerbaijan have increased by 11.71 percent, Trend reports referring to the Central Bank of Azerbaijan (CBA).
According to the bank, the collected premiums rose above 58.128 million manat ($34.2 million) from January through October 2022, while a year earlier this figure totaled 52 million manat ($30.6 million).
Insurance payments for the mentioned type of insurance were reduced by 15.48 percent year over year, down to 2.86 million manat ($1.68 million).
The share of compulsory occupational disability insurance in total insurance fees and payments accounted for 7.28 percent and 0.79 percent, respectively.
Compulsory insurance against industrial accidents and occupational diseases is a type of insurance that envisions the payment of insurance compensation for the loss of occupational ability or death as a result of damage to the life and health of the insured person in the case of the labor disability as a result of industrial accidents and occupational diseases.
This type of insurance is based on the relevant law adopted on May 11, 2010, in Azerbaijan.
In total, Azerbaijani insurance companies collected insurance premiums worth over 797.6 million manat ($469.38 million) for the first ten months of 2022 and paid out 359.29 million manat ($211.4 million).
