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Baku. Compulsory insurance of disability of individuals against accidents and occupational diseases (in accordance with the same law) brought the insurance market of Azerbaijan during the first five months of the year AZN 14 million 124.79 thsd.
According to the State Insurance Supervision Service, Ministry of Finance of AR, the amount was accumulated by three companies specializing in life insurance (Ateshgah Hayat Sigorta, Pasha Hayat Sigorta and Qala Hayat Sigorta).
The profitability of this kind of entrepreneurship is proved by the fact that these companies made payments amounting to 190.53 thousand manat. This business does not involve any other company, despite the fact that three or four applicants prepared all the documentation two years ago. All the competitors were found flaws.
The law "On obligatory insurance of disability of individuals against accidents and occupational diseases" was approved by Parliament in July 2010. In December 2010, the process of approval of regulations started for the commencement of services under this type of insurance. The process began in 2011 and the premiums of insurers for this type of insurance for the year totaled 18 million 900.72 thousand manat, while the payments was AZN 292.38 thsd.
The tariff approved by the Cabinet of Ministers of AR in November 2010 divides all economic activities into 14 levels of risk. It determines the size of the insurance rate for employees and workers, which ranges from 0.2% to 2%, depending on the level of risk at the enterprise. According to the law, the insurance rate is calculated based on the payroll at the plant.