Prior to August 1 over 66,000 Individual Contracts Signed on Compulsory Insurance of Property

From the beginning, local insurance companies - members of the Bureau of compulsory insurance (ISB) signed 66,609 contracts on compulsory insurance of immovable property belonging to individuals. As a result, they received awards in the amount of 7,598,520 manats.

According to the report accumulating organization until August 1 last year were made much smaller contracts - with a difference of 16.21%.

Earlier, the head of the State Insurance Supervision Service of the Ministry of Finance Namik Khalilov said that its structure as a result of campaigning in parts of the country expects to December 31 signing of the order of 150,000 contracts for this position of compulsory insurance.

At the end of 2012, the Bureau concluded 125,195 contracts on compulsory insurance of immovable property belonging to individuals with premiums of $ 11,392,970 manats.

Compulsory insurance of immovable property applies to all types of buildings, houses and apartments belonging to individuals, offices, legal entities, public property. Insurance events are recognized facts of natural disasters, as well as fires, explosions, short circuit, the accident in the sewer or water system, etc.

The maximum amount of insurance coverage for real estate in Baku is 25,000 manat, Ganja, Sumgait and Nakhchivan - AZN 20,000, in other areas - 15,000 manat.

Insurance rate for this type of insurance is 0.2% of the sum insured.

License for the provision of compulsory insurance in Azerbaijan estate have 12 insurance companies. - 17D-