Insurance premiums on savings amounted to three-fifths of the life insurance

Endowment insurance made up 58.6% of all life insurance premiums (life insurance). It was the first time since the entry into force of the law of Azerbaijan "On mandatory insurance of disability of individuals from accidents and occupational diseases" (16 December 2010). 

In January-March, according to the State Insurance Supervision Service, under the insurance of workers against accidents and diseases at work collected 8 million 567.29 thousand manats, which almost doubled over the same period last year (4,840,000 manat). All in all, life insurance collected 20.68 million manat, which indicates an increased share of insurance savings. 

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. In the first quarter Ateshgah Hayat Sigorta attracted 9 million 509.98 thousand manats, Pasha Hayat Sigorta - 8 million 351.58 thousand manats, and Qala Hayat Sigorta - 2 million 815.27 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 have 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-