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Azerbaijan sees increase in compulsory occupational disability insurance fees

Finance Materials 1 September 2022 14:21
Baku, Azerbaijan Trend News Agency
Azerbaijan sees increase in compulsory occupational disability insurance fees

Fees on compulsory insurance in cases of labor ability loss as a result of industrial accidents and occupational diseases in Azerbaijan have increased by 16.05 percent, Trend reports referring to the Central Bank of Azerbaijan (CBA).

According to the CBA, the collected premiums rose above 45.14 million manat ($26.5 million) from January through July 2022, while a year earlier this figure totaled 38.88 million manat ($22.8 million).

Insurance payments for the mentioned type of insurance were reduced by 3.5 percent year on year, down to 2.237 million manat ($1.3 million).

The share of compulsory occupational disability insurance in total insurance fees and payments accounted for 7.77 percent and 0.92 percent, respectively.

A 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 carried out in Azerbaijan on the basis of the relevant law adopted on May 11, 2010.

In total, Azerbaijani insurance companies collected insurance premiums worth over 534 million manat ($314.1 million) for the first seven months of 2022, and paid out 229.07 million manat ($134.7 million).

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