Endowment Insurance Passed Peak of Popularity

Endowment insurance amounted to 47.79% of total life insurance premiums (life insurance). A month earlier, there was a record for this item (for the first time since the entry into force of the law of Azerbaijan Republic "On obligatory insurance of disability of individuals from accidents and occupational diseases") 58.6%.

In January-April, according to the State Insurance Supervision Service, under the insurance of workers against accidents and diseases at work collected 12.46 million manat, which is more than double the same period last year (5.4 million manat). All in all, life insurance collected 26.68 million manat.

In Azerbaijan, while there are three companies specializing in life insurance and have the legal right to provide services on compulsory insurance and disability of individuals from accidents and occupational diseases in the workplace. As of May 1, Ateshgah Hayat Sigorta attracted 11 million 351.53 thousand manats, Pasha Hayat Sigorta - AZN 11 mln 263.45 thsd, and Qala Hayat Sigorta - 4 million 64.25 thousand manats.

According to the Ministry of Taxes, the country has almost half a million entrepreneurs (potential employers), including individuals. Of these, about one fifth of the population provides real-time. In this case, all of the natural monopolies and business leaders under the supervision of the inspection of the Ministry of Labor and Social Welfare has already signed contracts with insurance companies.

The law "On mandatory insurance of disability of individuals from accidents and occupational diseases" was approved in July 2010. In December of the same year completed the process of approval regulations for the start of services on this type of insurance.

The Cabinet of Ministers in November 2010 approved the tariffs for compulsory insurance against disability resulting from occupational accidents. According to his decree, all economic activities are divided into 14 levels of risk.

Based on this level of risk, determined the amount of the insurance rate for employees and workers at the plant, which is 0.2% to 2% depending on the risk level of the enterprise. In the state budget for the security of persons working in the government and public enterprises and organizations, this type of insurance, since 2011, provides for the allocation of 10.03 million manat.

By law, the insurance rate is calculated from the capacity of the payroll of the enterprise. The law provides for three types of insurance payments: monthly, one-time and extra. - 17D-