Companies - members of the Compulsory Insurance Bureau (BCI) under compulsory real estate insurance collected 755,887 manat in February (minus 80% to February 2015). According to the report, this amount was collected due to the conclusion of 5,904 contracts (minus 56%).
The majority (64.01%) was signed on home insurance, 0.98% - on administrative buildings, and 35.01% - on other real estate, including commercial facilities.
This insurance applies to property insured against damage due to natural disasters, as well as explosions, fires, short circuits, breaking water mains and sewage systems. Social upheavals are not envisaged.
Maximum coverage (25,000 AZN) is provided for property in Baku, while in Gandja, Sumgayit and Nakhchivan the ceiling is at the level of 20 thousand, and in other localities it is 15 thousand manats at an annual insurance premium of 0.2% of the sum insured.
Recall, licenses for the provision of services in this segment of compulsory insurance belong to 13 members of BCI. --17D-
Economics
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