Life between voluntary and compulsory insurance

Endowment insurance in January-June amounted to 16.57 million or 46.6% of total life insurance premiums. It is noteworthy that last year the awards were at 6.3 million manat.

This is a real competition to insurance against diseases and accidents at work in the decline in comparison with the beginning of the year. So, in the first quarter for this form were collected 57.8%, by May 1 - 47.79%.

Over two quarters, according to the State Insurance Supervision Service, under the insurance of workers against accidents and diseases were collected 17.62 million manat, which is almost by 2 million more than over the same period last year (15.49 million manat.) Total on life insurance were collected 35.56 million manat.

In Azerbaijan, function three companies specializing in life insurance and having the legal right to provide services on compulsory insurance and disability of individuals from accidents and occupational diseases in the workplace. For July 1 the leader in the segment of "Pasha Hayat Sigorta" attracted 16 million 165.19 thousand manats, "Ateshgah hayat Sigorta" - 14 AZN 624.13 million, and "Qala hayat Sigorta" - 5 million 769.27 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 Labour 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 the decree, all economic activities are divided into 14 levels of risk.

Based on this level of risk, was 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—