Property Insurance in October Raised 1.5 Million Manat

Members of the Compulsory Insurance Bureau (CIB) in October collected 1,448,250 manat as premiums under the insurance of immovable property belonging to individuals, compulsory passenger insurance and compulsory insurance of civil liability in the operation of real estate. Total for these items they signed 8910 contracts, the press release of CIB reads.

Most (8,489) of the documents were signed on insurance of estate of individuals with a volume of premiums 1,415,170 manat, 377 contracts under the liability insurance of immovable property collected 24,240 manat, and 44 contracts under the insurance of passengers - 8,840 manat.

More than two thirds (71.04%) of the contracts on compulsory insurance of immovable property were for houses and flats, 0.52% - for office buildings, 28.44% - for other real estate.

The maximum amount of insurance coverage for property in Baku is 25,000 manat, in Ganja, Sumgait and Nakhchivan it is AZN 20,000, and in other localities it is 15,000 manat.

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

Licenses to provide for compulsory insurance of real estate belong to 12 insurance companies, those for mandatory insurance of civil liability in real estate operations belong to 11 companies, and those for insurance of passengers belong to 1 company. --17D-