Insurers - participants of Compulsory Insurance Bureau (CIB) by December 1 of this year collected 15,745,840 manat under insurance of real estate owned by individuals, insurance of passengers, as well as civil liability in the operations of real estate (+19.5% against 11 months in 2013).
The specified amount of premiums was received on the results of 142,343 contracts (+37.1%), according to the press release from CIB. In November there were signed 12,324 contracts worth 1,040,590 manat. Compulsory insurance of residential property made up 78.07% of the November contracts, 0.13% were office buildings, and 21.8% were other types of real estate.
The maximum amount of insurance coverage in the event of damage to real property in Baku is AZN 25,000, in Ganja, Sumgait and Nakhchivan - 20,000 manat, and in other settlements - 15,000 manat.
The insurance rate for this type of insurance is 0.2% of the sum insured. --17D-
Economics
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