Compulsory Insurance of Real Estate brought in August about 700,000 manat

Members of the Bureau of Compulsory Insurance since the beginning of the year until September 1, signed 72,869 contracts in the insurance of immovable property. Of these 6,260 documents were signed in August, for which he received contributions amounted to 680,276 manats.

Nearly three quarters ( 71.3 %) of the August contracts for this type of insurance related to insurance of houses and apartments , 0.5 % - office buildings , 28.2 % - other real estate. Almost half (47 %) contracts for this type of insurance concluded with customers in Baku.

In addition, in August signed 205 contracts on compulsory insurance of civil liability of the operation of real property, within which received awards in the amount of 18,330 manat.

As previously reported, the State Insurance Supervision Service of the Ministry of Finance expects the conclusion of the 2013 minimum of 150,000 contracts on compulsory insurance of immovable property belonging to individuals.

In 2012, insurers have entered into 125,195 contracts on compulsory insurance of immovable property belonging to individuals within which received awards in the amount of 11,392,973 manats.

Compulsory insurance of immovable property applies to all types of buildings, houses and apartments belonging to individuals, offices, legal entities, and public property. In this case, the insured event considered the facts related to damage to this property due to fire, explosion, short circuit in the power supply , accidents in the sewer or water system , natural disasters , etc.

The maximum amount of insurance coverage for real estate in Baku is 25,000 manat, in Ganja , Sumgait and Nakhchivan it is AZN 20,000, in other areas it is 15,000 manat.

Insurance rate for this type of insurance is 0.2 % of the sum insured.

Licenses for the provision of compulsory insurance of estate in Azerbaijan are owned by 12 insurance companies. - 17D-