Insurance companies - members of the Bureau of compulsory insurance (BCI) under the insurance of immovable property belonging to individuals in the January - May of this year, signed 45,519 contracts. In Azerbaijan, there are some 2 million buildings, including homes, apartments, garages, outhouses and offices of legal entities and state property.
According to the report of the Bureau, premiums in this segment amounted to 5 million 12.48 thsd manat. Over the past year the total number of items included in the list of insurance policies was 125,195. So many contracts received 11 million 392.97 thousand manats.
In January-May this year, members of BCI signed 1,919 thousand contracts for compulsory civil liability insurance of immovable property for the use of the proceeds amount of premiums in the amount of 151.91 thsd manat. Over the past year there were made 4,854 contracts (premiums - 334,297 manat).
Insurance companies recognize the natural disasters in issuing contracts without taking into account the risks associated with social upheaval.
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 and in other areas - 15,000 AZN.
Insurance rate for this type of insurance is 0.2% of the sum insured. This year, the State Insurance Supervision Service of the Ministry of Finance predicts conclusion 150 thousand contracts for this type of insurance. - 17D-
Economics
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